BENGALURU | MUMBAI: Madhivanan Balakrishnan, the chief technology and digital officer at private sector lender ICICI Bank, has resigned and will join IDFC First Bank as chief operating officer, two people in the know of the matter said.

IDFC First Bank, formed after a merger of the recently licensed IDFC Bank and non-banking finance company Capital First, is expected to use Balakrishnan’s tech know-how to build a strong tech team.

The appointment of Balakrishnan, popularly known as ‘Madhi’ in banking circles, comes at a time when IDFC First is trying to revitalise itself under a new leadership. “Balakrishnan was the main force driving fintech initiatives at ICICI Bank, and was the go-to person for all partnerships the bank would strike with technology startups,” said a senior banker.

IDFC First and ICICI Bank did not respond to ET’s emailed queries till the time of going to press.

IDFC First’s new CEO, V Vaidyanathan, was earlier with ICICI Bank.


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