The Reserve Bank of India (RBI) has given the green light to Pradeep Natarajan's appointment as Whole Time Director on the Board of IDFC FIRST Bank, the private sector lender confirmed.
In a regulatory filing on Thursday, IDFC FIRST Bank announced, "RBI...has accorded its approval to appoint Pradeep Natarajan as Whole Time Director, designated as Executive Director of the bank for a period of three years."
The bank stated that it will now proceed with the necessary procedures to finalize Natarajan's appointment as Executive Director. However, the appointment is contingent upon the approval of the bank's shareholders.
In financial news, IDFC FIRST Bank reported a net profit of Rs 724 crore for the fourth quarter ending March 2024. The bank's gross Non-Performing Assets (NPAs) also saw an improvement, decreasing to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent in March 2023. Similarly, Net NPAs decreased to 0.60 per cent from 0.86 per cent at the end of 2024.
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