The Reserve Financial institution of India has permitted the appointment of Vinod Rai, former comptroller and auditor common (CAG) of India, as impartial chairman of Unity Small Finance Financial institution Restricted (Unity Financial institution).
Rai, a former IAS, has earlier served within the ministry of finance, commerce and protection. He was additionally chairman of Banks Board Bureau, the physique which advises the federal government on top-level appointments at public sector banks and methods to deal with dangerous loans.
“Rai will add vital worth to the board of Unity Financial institution. Furthermore, his huge expertise as a board Member in a number of PSU and personal banks will assist in constructing a robust basis and shaping the long run technique at Unity Financial institution,” Unity Financial institution stated in its assertion.
Different board members at Unity Financial institution are former RBI official Sandip Ghose, Basant Seth (former CMD Syndicate Financial institution and deputy MD, SIDBI) and ex-RBL Financial institution chairman Subhash Kutte.
Unity Small Finance Financial institution is the 51:49 three way partnership between Centrum Group and funds firm Bharatpe. At the moment, the proposed merger of debt-ridden Punjab and Maharashtra Cooperative Financial institution with Unity Financial institution is being reviewed and the method of amalgamation will begin after the federal government approval.
Rai’s appointment comes at a really fascinating time when one of many JV companions Bharatpe goes by a disaster scenario regarding its founder and managing director Ashneer Grover. Bharatpe has been within the in information since previous few days ever since an audio clip the place Grover was heard threatening a Kotak worker went viral.
Grover has introduced that it’s taking depart until March finish and can be again from 1 April.
Supply: Live Mint