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Mumbai: IDFC First Bank on Friday said that Rajiv Lall has stepped down as the part- time non-executive chairman, citing prolonged personal health issues.

“IDFC FIRST Bank Limited has received an intimation vide a letter dated 4 September 2020 from Rajiv B. Lall, in which he has tendered his resignation as the part time non-executive chairman from the board of the bank with immediate effect citing that he has been dealing with prolonged personal health issues for a while now," the bank said in a stock exchange notification on Friday.

Lall in his communication to the bank also said that, in view of his prolonged health issues, the bank has thought through a succession plan for the position.

Lall served as the founder managing director and chief executive officer (CEO) of IDFC First Bank from 1 October 2015 till 18 December 2018, before he was appointed the chairman of the bank. Before becoming the CEO of IDFC First Bank, he was the executive chairman of infrastructure focused non-banking financial company IDFC Ltd, which later received a banking licence and merged with Capital First to become IDFC First Bank.

Prior to joining IDFC, Lall worked as a partner with Warburg Pincus in New York. He has also been the head of Asian economic research at Morgan Stanley in Hong Kong, a senior staff member of the World Bank in Washington, D.C., and of the Asian Development Bank in Manila.

Lall has served on numerous committees of the government of India and the Reserve Bank of India, including the Raghuram Rajan Committee on Financial Sector Reforms, the High Powered Expert Committee for Urban Infrastructure, the High Level Committee on Financing Infrastructure, and the Expert Committee on Modernisation of Indian Railways. He has also served as India’s representative to the G-20 Working Group on Infrastructure.

ABOUT THE AUTHOR

Gopika Gopakumar

Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
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