Private sector lender IDFC Bank appoints former RBI deputy governor Anand Sinha on its board

Q.  Private sector lender IDFC Bank has appointed whom on its board as independent director?
- Published on 08 Aug 16

a. Anand Sinha
b. R. Gandhi
c. H. Khan
d. Vinod Rai

ANSWER: Anand Sinha
 
Private sector lender IDFC Bank has appointed former RBI Deputy Governor Anand Sinha on its board as independent director, according to the lender on 5th August 2016.
  • Sinha will replace former CAG Vinod Rai appointed w.e.f August 1, 2016.
  • Rai was appointed chairman of the Banks Board Bureau as well so resigned as director of IDFC Bank to prevent conflict of interest.
  • He was a nominee director representing the IDFC Ltd on the board of IDFC Bank.
  • IDFC has also received approvals from RBI to start operations as a universal bank on April 2014.
  • Following this, the erstwhile infrastructure financier’s loans were transferred to IDFC Bank.
  • IDFC Bank commenced operations from October 2015.
  • Rai was appointed as BBB Chairman by the government on 28th February 2016 and Sinha joined the RBI in July 1976.

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