IDFC First Bank on Wednesday said its executive director Madhivanan Balakrishnan has tendered his resignation.

“The Nomination & Remuneration Committee and the board of directors of the bank at their respective meetings held today has accepted the said resignation (tendered on December 06, 2023) and shall relieve him from his duties in the capacity of executive director with immediate effect from the close of business hours on December 06, 2023. He continues to serve the bank for necessary handovers until December 15, 2023,” IDFC First Bank said in a regulatory filing.

In his resignation letter, Madhivanan said: “I have come across an opportunity in the Healthcare sector which fits in with our long-term family plans. This is because my daughter has recently qualified as a doctor and she intends to pursue entrepreneurship in healthcare.”

“My being in the Healthcare sector in the next 4-5 years will help me deeply understand that system and enable me to help her in that initiative.”