IDFC FIRST Bank on Friday said its board has approved the appointment of former economist and IFS officer Jaimini Bhagwati as an additional director on its board for three years. Based on the recommendation of the nomination and remuneration committee, the board of directors of the bank has approved the appointment of Jaimini Bhagwati, as an additional director, in the category of non-executive non-independent director of the bank, the bank said in a regulatory filing.

Bhagwati’s appointment is for a period of three years with effect from February 18, 2022, subject to approval of shareholders.

He is an independent director of IDFC Ltd–the parent company of IDFC FIRST Bank.

An expert in foreign policy, Bhagwati served as the high commissioner to the UK and Ambassador to the European Union, Belgium and Luxembourg.

Bhagwati has served in senior positions in the government of India, including in foreign affairs, finance and atomic energy. In his earlier role at the World Bank, he was a specialist in international bond and derivatives markets and was the RBI chair professor at ICRIER.

He is currently a Distinguished Fellow at a Delhi based think-tank –Centre for Social and Economic Progress (CSEP).