The RBI has approved the appointment of Vinod Rai, former Comptroller and Auditor General (CAG) of India as Independent Chairman of Unity Small Finance Bank (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 the Chairman of the Banks Board Bureau, the body which advises the government on top-level appointments at public sector banks and ways to address bad loans. 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, a joint venture between Centrum group and Bhartpe, commenced operations as SFB on November 1, 2021. The debt-ridden Punjab and Maharashtra Cooperative Bank has been merged with Unity SFB.