Following RBI approval, IDFC First Bank promoted Madhivanan Balakrishnan to Whole-Time Director. He will continue to work as IDFC First Bank's Chief Operating Officer (COO). Balakrishnan joined IDFC First Bank as COO in 2019 and has been instrumental in the bank's operations and expansion. His experience includes banking, insurance, FMCG, durables, and IT & ITES, making him a flexible professional with a thorough awareness of varied market dynamics.

Balakrishnan was crucial in establishing new businesses at ICICI Bank prior to joining IDFC First Bank. Balakrishnan previously served as ICICI Bank's Chief Technology and Digital Officer (CTDO). In this job, he was in charge of establishing the bank's digital proposition and driving the group's technological agenda. 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 of 3i Infotech Limited, a well-known IT product and services firm focused on ERP and BFSI solutions. From 2010 to 2012, he was also the Executive Director of ICICI Prudential Life. Balakrishnan has been a key component of the ICICI Group's transformation at ICICI Bank since 2000. He was instrumental in the establishment of the bank's "Direct Banking" section. He was the founder and director of Loyalty Services Management (now Payback), a successful coalition loyalty programme launched by ICICI Bank under ICICI Ventures. Balakrishnan graduated from Mumbai University with a Bachelor of Science in Chemistry and a Post Graduate Diploma in Marketing from the Indian Institute of Management, Calcutta.