The Reserve Bank of India (RBI) on Thursday approved the appointment of former comptroller and auditor general (CAG) of India Vinod Rai as independent chairman of Unity Small Finance Bank (Unity SFB), the newest private lender in India.
Rai, a former chairman of Banks Board Bureau which advises the Centre on top-level appointments at public sector banks and on tackling bad loans, has also served in the ministries of finance, commerce and defence.
“Rai will add significant value to the board of Unity SFB. Moreover, his vast experience as a board member in several PSUs and private banks will help in building a strong foundation and shaping the long-term strategy,” Unity SFB said in a statement.
A 51:49 joint venture between Centrum Group and payments company Bharatpe, Unity SFB started operations in November 2021. Its other board members include former central bank official Sandip Ghose; former chairman and managing director of Syndicate Bank and former deputy managing director of Small Industries Development Bank of India (SIDBI) Basant Seth; and former RBL Bank chairman Subhash Kutte. Last year, Rai had failed to secure a third term as a non-independent and non-executive director on the board of IDFC Ltd, after 62.3% of its shareholders voted against the proposal.
Unity SFB’s proposed merger with debt-ridden Punjab and Maharashtra Cooperative Bank (PMC) is under review. According to the…
