Bank CEO gives half a million USD of stock to the maid

 Bank CEO gives half a million USD of stock to the maid

The CEO of IDFC First Bank is giving away $530,000 worth of stock to drivers, coaches and home helpers.

According to Bloomberg, the action of Vaidyanathan, CEO of IDFC First Bank is one of the unusual ways of philanthropy in India.

According to the filing, Vaidyanathan, 54, has given away about 38% of his shares since January 2018, when he was head of loan company Capital First. This company was later merged with IDFC Bank to become IDFC First Bank.

Share price movement of IDFC First Bank since this bank was consolidated. Photo: Bloomberg

Share price movement of IDFC First Bank since this bank was consolidated. Photo: Bloomberg

Along with giving away half a million USD worth of shares to the maid, Vaidyanathan also gave 900,000 shares, or 3.7% shares, to the private lending company. The recipients will use the money to buy a home. The value of the prize is based on the closing price of the most recent trading session.

In 2020, IDFC First Bank CEO also donated shares to a math teacher who loaned Vaidyanathan 500 rupees when he was admitted to a top university but didn't have the money to go to school.

Shares of IDFC First Bank have risen about 5% since the bank was incorporated. The ticker also recovered from the 2020 slump amid the pandemic and Vaidyanathan was reappointed for a new term ending in 2024.