Home / Companies / People /  IDFC appoints Ravi Shankar to lead rural banking

Mumbai: IDFC Ltd has appointed Ravi Shankar, head of business and marketing at Fullerton India Credit Co. Ltd, to head the rural banking business and drive all financial inclusion initiatives at its new bank, IDFC Bank.

Shankar will be head of Bharat Banking at IDFC Bank, the infrastructure financier announced on Friday. He assumes the role with immediate effect.

IDFC received in-principle approval from the Reserve Bank of India in April to float a bank. According to the banking regulator, it is mandatory for new banks to open at least 25% of their branches in rural centres.

IDFC has been building the leadership team for its banking business, and IDFC Bank is expected to start operations by October 2015.

Shankar has 29 years’ experience across sectors like retail finance, business consulting, advertising and automotive and aviation.

Commenting on the development, Rajiv Lall, executive chairman at IDFC, said, “(Shankar’s) rich and varied experience would be a great value-add to IDFC, in building the organization that we aspire to, and in fulfilling our financial inclusion mandate."

In July, the firm announced the appointment of Pavan Pal Kaushal, earlier with EY consultancy, as the chief risk officer for its bank. Avtar Monga, formerly with Bank of America-Merill Lynch, was brought in to head operations and technology. Ajay Mahajan, formerly with Yes Bank Ltd, will be leading the markets and institutional banking team.

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