Private sector lender IDFC Bank has appointed former Reserve Bank of India deputy governor Anand Sinha on its board as an independent director. Mr. Rai was the nominee director representing IDFC on the board of IDFC Bank. Hence to avoid any potential conflict of interest, he has resigned as a Director of IDFC Bank,” according to a bank statement. Mr. Sinha, who will replace former Comptroller and Auditor General (CAG) Vinod Rai, was appointed with effect from August 1. IDFC had received approval from RBI to start operations as a universal bank in April 2014, following which the erstwhile infrastructure financier’s loans were transferred to IDFC Bank.

Source: The Hindu August 05, 2016 13:52 UTC