RBI okays appointment of Natarajan as IDFC FIRST Bank's whole time director

The Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank, the private sector lender said.

"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," IDFC FIRST Bank said in a regulatory filing on Thursday.

The bank further said it will take the necessary steps to complete the formalities for the appointment of Natarajan as Executive Director.

The said appointment shall be subject to the approval of the shareholders of the bank, it added.

IDFC FIRST Bank had reported a net profit of Rs 724 crore for the fourth quarter ended March 2024.

The bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023.

Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024.