RBI approves Vinod Rai's appointment as independent chairman in Unity Bank

The Reserve Bank of India has approved the appointment of Vinod Rai, former Comptroller and Auditor General (CAG) of India as independent chairman of Unity Small Finance Bank Limited (Unity Bank), jointly owned by Centrum and Bharat Pe that will take over the failed Punjab and Maharashtra Cooperative Bank.

A former IAS officer, Rai has rich experience in multiple capacities with the Ministry of Finance, Commerce, Defence, the bank said in a release.

He was also 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.

“Driven by its mission to have the highest standards of corporate governance, Unity Bank endeavours to have a strong Board to guide its journey towards becoming a successful Digital Bank,” the bank said.