RBI okays appointment of Vinod Rai, former CAG, as independent Chairman of Unity Small Finance Bank

The Reserve Bank of India has approved the appointment of Vinod Rai, former Comptroller and Auditor General (CAG) of India as Independent Chairman of Unity Small Finance Bank Limited (Unity Bank).

A former IAS officer, Rai has rich experience in multiple capacities with the Ministry of Finance, Commerce, Defense as well as with Federal and State Governments and Private Institutions. He was also Chairman of Banks Board Bureau, the body which advises the Government on top-level appointments at public sector banks and ways to address bad loans.

A highly respected industry veteran, Rai 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, according to a press statement.

Driven by its mission to have the highest standards of Corporate Governance, Unity Bank endeavours to have a strong Board to guide its journey towards becoming a successful Digital Bank. Several Banking industry stalwarts, including Mr. Sandip Ghose (RBI veteran), Mr. Basant Seth (Former CMD Syndicate Bank and Deputy MD - SIDBI) and Mr. Subhash Kutte (Former Chairman, RBL Bank) have recently joined the Board.