Former comptroller and auditor general of India Vinod Rai has been granted approval by the Reserve Bank of India (RBI) as the independent chairman of Unity Small Finance Bank, a joint venture between Centrum group and BharatPe.

Rai’s induction will further strengthen Unity Small Finance Bank’s top-level management. Others who have recently joined the bank’s board include RBI veteran Sandip Ghose, former Syndicate Bank CMD Basant Seth and ex-RBL Bank chairman Subhash Kutte.

"A highly respected industry veteran, Mr. 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," Unity SFB said.

Rai, a former IAS officer, had also served as Chairman of Banks Board Bureau, the body which advises the Centre on top-level appointments at public sector banks and ways to address bad loans. He was also associated with IDFC Ltd, the holding company of IDFC First, as independent director for two terms.

Unity SFB commenced operations on November 1 last year. The RBI’s proposal to merge the stressed Punjab and Maharashtra Co-operative Bank with Unity SFB is awaiting government approval.