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IDFC First Bank on Friday said its Part-Time Non-Executive Chairman Rajiv B Lall has resigned from the lender's board on health grounds.

"IDFC First Bank Limited has received an intimation vide letter dated September 4, 2020, from Dr Rajiv B Lall wherein he has tendered his resignation as part-time non-executive chairman from the board of the bank with immediate effect citing that he has been dealing with his prolonged personal health issues for a while now," the bank said in a regulatory filing.

According to the bank's thought-out succession plan for this position in the past, subject to the RBI approval, there will be a smooth transition, the lender said quoting Lall.

Lall also said he is leaving the bank in capable hands and has been privileged to serve this wonderful institution, IDFC First Bank said.

He was the founder MD and CEO of IDFC Bank. Earlier, he was CEO and then executive chairman of IDFC Ltd from 2005.

A veteran economist and business leader for the past 35 years, he has been an active part of the finance and policy landscape both in India and internationally.

Lall has served on numerous committees of the government and the Reserve Bank, among others. Prior to IDFC, he was a partner with Warburg Pincus; Head of Asian Economics Research with Morgan Stanley.

He also served as economist at the World Bank and the Asian Development Bank, and faculty member at the Department of Economics, Florida Atlantic University.

Lall is a BA in Politics, Philosophy and Economics from Oxford University and holds a Ph.D. in Economics from Columbia University.

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