V. Vaidyanathan

Vaidyanathan was born in Chennai. As a child, he studied at Kendriya Vidyalaya Sangathan's school.[4]

Vaidyanathan enrolled in the Birla Institute of Technology, Mesra,[5] but ran out of money to buy train tickets. His mathematics teacher, Mr. Saini, then lent him 500 rupees to take a train to help him appear for an interview at Birla Institute of Technology, Mesra.[4] Vaidyanathan searched for Mr. Saini for over 30 years but couldn't find him. One day, ICICI staff skip-traced his teacher in Agra, whom he then called to thank him profusely.[6] Vaidyanathan later gifted him one lakh equity shares, amounting to Rs 30 lakhs at the time of transfer. [7]

Later, he attended the Advanced Management Program at Harvard Business School.[8]

Vaidyanathan began his career at Citibank, and worked there from 1990 to 2000 in consumer banking. During 1999-2000, he transitioned to ICICI to lead their retail lending operations as they expanded beyond project lending. His responsibilities involved setting up of the businesses including all key functions related to strategy, team building, business relationships, credit policy, credit administration and risk management.[9][10]

He joined ICICI when it was a Domestic Financial Institution (DFI) known for project financing, and the retail business he built helped the transition of ICICI from a DFI to a Universal Bank. He was appointed MD and CEO of ICICI Personal Financial Services (PFS) Limited at 32, and built the Retail Lending Business for ICICI since its inception. In 2002, ICICI Limited merged with its subsidiary ICICI bank and with ICICI PFS Limited. Post the merger, he became the Head of Retail Banking in charge of both Lending and Retail Liabilities in the merged entity, ICICI Bank Limited. He grew the retail business to over 1,400 bank branches in 800 cities, 25 million customers, a vast CASA and retail deposit base, branch, internet and digital banking, and built a retail loan book of over Rs.1.35 trillion in Mortgages, Auto loans, Commercial Vehicles, Credit Cards and Personal Loans. As an additional responsibility, he also built the ICICI Bank's SME business in 2003, and managed the Rural Banking Business after 2007.[11]

He was appointed executive director on the board of ICICI Bank at the age of 38 and became the MD and CEO of ICICI Prudential Life Insurance Co at 41.[12] He was also the chairman of ICICI Home Finance Co. Ltd, and served on the Board of ICICI Lombard General Insurance Company, CIBIL - India's first Credit Bureau, and SMERA- SIDBI's Credit Rating Agency.[13]

In 2012, venturing down the entrepreneurial road, he acquired a stake in an existing NBFC, then secured an equity backing of Rs. 8.10 billion from Warburg Pincus and thus founded Capital First Ltd.[14][15]

During this period, he grew the total loan book from Rs. 9.35 billion to Rs. 295.68 billion (as of 30 June 2018), of which retail financing which grew from Rs.0.94 billion to Rs.272.2 billion (as on 30 June 2018), has grown the Market Cap from Rs.7.9 billion (as on 31 March 2012) to Rs.60.96 billion (as on 31 March 2018), reduced the NPA from 5.28% to 1.72% (90 DPD recognition norm), and got the long term credit rating upgraded to AAA.[16]

In line with Vaidyanathan's objective and long-term plan of getting a banking license, on January 13 January 2018, in a joint press release issued by IDFC Bank and Capital First, announced a merger. IDFC Bank issued 139 shares for every 10 shares of Capital First, and Vaidyanathan took over as the MD and CEO of the combined bank.[17][18]

In September 2023, Vaidyanathan sold 5.07 crore shares of IDFC First Bank for Rs 478.7 crore to US-based GQG Partners through a block trade transaction.[19][20]

In January 2018, he announced to the exchanges under regulation 7(2) read with Regulation 6(2) of the Securities and Exchange Board of India (Prohibition of insider trading) that he had donated half a million shares of Capital First of his personal wealth to Rukmini Foundation which is a social welfare trust to support activities providing education and healthcare support for economically underprivileged children and other such charitable causes. The stock was valued Rs. 400 million Indian Rupees at the prevailing stock price on the date of the transfer. Some of the initial beneficiaries of the trust are Genesis Foundation which works on the healthcare of children, Samparc who works on rehabilitation and education of children, and Apnalaya which works in the area of education of slum children in Mumbai.[21]

According to company stock exchange filing under regulation 7(2) read with Regulation 6(2) of Securities and Exchange Board of India (Prohibition of insider trading) in November 2018, Vaidyanathan informed that he gifted an additional 4.29 lakh shares to drivers, maids, present as well former colleagues and family members. The stock was valued Rs. 200 million Indian Rupees at the prevailing stock price on the date of the transfer.[22][23][24] V Vaidyanathan has gifted Rs. 68 crores of his wealth.[25]

He was born into a family of four siblings. His siblings joined the Indian Air Force and the Indian Army like their father. Vaidyanathan, on the other hand, was the first to join the private sector.[26] Apart from his professional commitments, Vaidyanathan is an active marathoner. He has run 8 marathons and 22 half marathons. In his spare time, he plays the guitar[27] and occasionally plays golf. He lives in Mumbai with his family, consisting of his father, wife, and three children.[10][28][29]

In February 2022, Vaidyanathan gifted shares worth Rs 4 Crore to five of IDFC First's employees, including help and a driver. This was not the first time he attempted to help his staff members, as in May of 2021, he gave away 4.3 Lakh shares, worth over 2.4 Crore to three persons from IDFC First Bank to help them buy a house. Other similar situations have also occurred.[30]

• "CEO of the year 2018"[31] by Businessworld
• "Outstanding Corporate Transformation India 2018" by Capital Finance International[32]
• "V Vaidyanathan: Most Inspirational Management Buyout India 2018" by Capital Finance International[32]
• "Game Changers of India" – Economic Times Global Business Summit 2018 [33]
• "Entrepreneur of the Year Award"[34] at APEA 2017
• "Economic Times Most Promising Business Leaders of Asia" at the Asian Business Leaders Conclave 2016, Malaysia[35]
• "Outstanding Entrepreneur Award"[36] in Asia Pacific Entrepreneurship Awards 2016
• "Leaders Under 40" from Business Today in 2009[37]
• CNBC Awaaz Entrepreneur of the year 2020[38]
• Most Promising Entrepreneur of the Year in the Editorial Board Category- CNBC Awaaz CEO Awards 2019 [39]
• Most Harmonious Merger Award, MD & CEO India – The European Magazine (CFI) 2018[40]
• 2022 Ernst & Young Entrepreneur of the Year Award (Financial Services)[41][42]

• Capital First Website