The Reserve Bank of India (RBI) on Thursday approved the appointment of Vinod Rai, former Comptroller and Auditor General (CAG) of India as the Independent Chairman of Unity Small Finance Bank Limited (Unity Bank).
Rai is a former IAS officer, with experience in the Ministry of Finance, Commerce, Defence as well as with Federal and State Governments and Private Institutions. He has also been credited for turning the office of the CAG into an effective force for accountability.
He will add significant value to the Board of Unity Bank. Moreover, his vast experience as a Board Member in several PSU and Private Banks will help in building a strong foundation and shaping the long-term strategy at Unity Bank, for customer delight through a seamless digital banking experience, the bank stated.
Banking industry stalwarts, Sandip Ghose (RBI veteran), Basant Seth (Former CMD Syndicate Bank and Deputy MD - SIDBI) and Subhash Kutte (Former Chairman, RBL Bank) have recently joined the Unity Bank Board.
As per an earlier PI report, the proposed merger of debt-ridden Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank (USFB) is being examined and the process of amalgamation will start after the government approval, sources said.
Various aspects of the scheme of amalgamation have been examined and the government would soon send its suggestions, if any, to the RBI, sources had told PTI.
(With inputs from agencies)
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