IDFC First Bank has promoted Madhivanan Balakrishnan to Whole-Time Director following approval by the RBI. He is going to continue to serve as the Chief Operating Officer (COO) of IDFC First Bank. Balakrishnan joined IDFC First Bank in 2019 as the COO and has played a pivotal role in the bank's operations and expansion. His expertise spans multiple industry segments, including banking, insurance, FMCG, durables, and IT & ITES, making him a versatile professional with a comprehensive understanding of diverse market dynamics.

Prior to joining IDFC First Bank, Balakrishnan was instrumental in building new businesses in ICICI Bank. Balakrishnan was the former Chief Technology and Digital Officer (CTDO) at ICICI Bank. In this role, he was responsible for developing the bank's digital proposition and driving the technology agenda for the entire group. He also oversaw business intelligence operations and spearheaded initiatives to develop the ICICI Group Digital Ecosystem.

Balakrishnan was also the Managing Director and Global CEO at 3i Infotech Limited, a prominent IT product and services company specializing in ERP and BFSI solutions. Additionally, he was Executive Director at ICICI Prudential Life from 2010 to 2012. In ICICI Bank, Balakrishnan has been an integral part of the ICICI Group's transformation since 2000. He was pivotal in establishing the bank's "Direct Banking" division. He served as the founder-director of Loyalty Services Management (now Payback), a successful coalition loyalty program initiated by ICICI Bank through ICICI Ventures. Balakrishnan holds a Bachelor's degree in Chemistry from Mumbai University and a Post Graduate Diploma in Marketing from the Indian Institute of Management, Calcutta.