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EconomyBanking

IDFC First Bank picks former RBI executive director S Ganesh Kumar as its next chairperson

Ganesh Kumar, an independent director who helped set up NPCI, is to take over from Sanjeeb Chaudhuri in May 2027, subject to the RBI's approval. The board also reappointed retail head Pradeep Natarajan.

From the editorial desk · MumbaiPublished
An IDFC First Bank branch (file photo)
An IDFC First Bank branch (file photo)Photo: IDFC First Bank Photos / Wikimedia Commons, CC BY-SA 2.0

Key points

  1. S Ganesh Kumar is to become part-time chairperson from 10 May 2027 until 29 April 2029.
  2. Current chairperson Sanjeeb Chaudhuri's term ends on 9 May 2027.
  3. The appointment needs the Reserve Bank of India's approval.

IDFC First Bank’s board has chosen S Ganesh Kumar, a former executive director of the Reserve Bank of India, to be its next chairperson, the bank told the stock exchanges at the weekend.

Ganesh Kumar, now an independent director on the board, will become part-time non-executive chairperson from 10 May 2027 and serve until 29 April 2029, when his current term as an independent director ends. The present chairperson, Sanjeeb Chaudhuri, completes his term on 9 May 2027. The appointment is “subject to the approval of the Reserve Bank of India and other regulatory approvals,” the bank said.

The board made the decision on Saturday on the recommendation of its nomination and remuneration committee, the same day the bank reported that its September-quarter profit had nearly tripled to ₹1,045 crore.

Three decades at the central bank

Ganesh Kumar spent more than thirty years at the RBI, where his portfolios included payment and settlement systems and the management of India’s foreign exchange reserves. He played a key role in setting up the National Payments Corporation of India, which runs UPI, as well as the RBI’s technology subsidiary ReBIT and the financial technology body IFTAS.

Other board changes

The board also reappointed Pradeep Natarajan, head of retail banking, as whole-time director with the title of executive director for three years from 1 June 2027 to 31 May 2030, again subject to RBI approval.

Aashish Kamat will step down as an independent director at the close of business on 17 December 2026, on completing his second term and the maximum tenure allowed under the Banking Regulation Act, 1949.