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Bank CEO gifts shares worth 30 lakh to his teacher

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IDFC First Bank MD and CEO V Vaidyanathan gifted shares worth Rs 30 lakh to his former math teacher, Gurdial Saini. His former teacher had lent him Rs 500 to travel for an interview. The news went viral on the internet and netizens praised Vaidyanathan for his goodness.

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V Vaidyanathan MD and CEO of IDFC First Bank

Vaidyanthan’s token of gratitude

Vaidyanathan gifted shares worth Rs 30 lakh to his former teacher as a token of gratitude. IDFC First Bank MD and CEO V Vaidyanathan transferred one lakh equity shares worth around Rs 30 lakh. He did it without any consideration to his former math teacher, Gurdial Saroop Saini. Vaidyanathan transferred the shares to honour his teacher for helping him at a difficult stage in his life. A Facebook post going viral on social media details how Saini lent money to Vaidyanathan to travel for an interview.

The Facebook post is going viral

“When he [Vaidyanathan] got the admission into BITS, he did not have the money to travel there. He had to appear for the interview and complete the counselling formalities. Mr. Gurdial Saini, his then maths teacher lent him Rs.500 to travel for the interview. Vaidyanathan studied at BITS, Mesra and did well in his professional life,” read the post.

“Vaidyanathan searched for him to repay but Mr.Saini had moved jobs. Years later, with the help of a former colleague, he found that Mr.Saini is in Agra. He called him up, expressed his gratitude for the timely help.” it added.

IDFC FIRST Bank in its filing

Earlier this month, the bank made a regulatory filing to stock exchanges. “We wish to inform you that Vaidyanathan has transferred 1,00,000 fully paid-up equity shares of IDFC FIRST Bank Limited. These were held by him in his personal capacity, to his former schoolteacher, Gurdial Saroop Saini, as a gift.” the bank said in the filing.

IDFC FIRST Bank made a regulatory filing to the stock exchanges

The bank issued a notice following Vaidyanathan’s decision. It read “Pursuant to Regulation 30 of the SEBI Listing Regulations read with Regulation 7(2) and 6(2) of the SEBI Insider Trading Regulations, we wish to inform you that Mr. V. Vaidyanathan has transferred 1,00,000 fully paid-up equity shares of IDFC FIRST Bank Limited held by him in his personal capacity to his former school teacher, Mr. Gurdial Saroop Saini, as a gift, without any consideration as a token of gratitude for his teacher’s help to him at an earlier stage in his life”.

Netizens praised Vaidyanathan’s gesture towards his teacher

One user commented, “Extraordinary! Such a redeeming story, this day, this age!”  Another wrote, “Wow…..true expression of gratitude.”

Someone commented, “This is called real Guru Shishya relationship which is very very rare to see in these times.” Yet another added, “Not many students get such teachers at time to help them. And not many students after achieving heights remain humble.”

About V Vaidyanathan

The long list of achievements and the array of experiences find place on Vaidyanthan’s LinkedIn bio. He founded Capital First through a Management Buyout with a PE backing, after acquiring an equity stake in an existing wholesale lending NBFC. Post the buyout, he holds shares and options totaling 12.5% of the equity of the company on a fully diluted basis. The core founding theme of Capital First was that financing India’s 50 million MSMEs and India’s large emerging middle class, with a differentiated model, based on new technology platforms, offers a unique opportunity in India.

He worked with Citibank India from 1990-2000 where he learned retail banking. Vaidyanathan joined ICICI Group in 2000. He built the Retail Banking since inception to a large business of over USD 35 billion and 1400 branches across mortgages, auto loans, commercial vehicles, credit cards, among others. In 2006, at 38, he joined the Board of ICICI Bank as an Executive Director.

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