IDFC FIRST Bank | Product Approval Committee Practitioner

Roles & responsibilities

• The Product Approval Committee (PAC) Practitioner is responsible for ensuring that all new product launches and modifications across the Bank comply with internal governance standards and Reserve Bank of India (RBI) regulatory requirements.
• The role oversees end‑to‑end PAC operations, enabling effective governance, risk assessment, and strategic decision-making for product approvals and lifecycle management.
• This position ensures timely coordination among cross-functional stakeholders, maintains robust documentation and compliance monitoring, and drives continuous improvements in PAC processes to uphold the Bank’s product governance framework.
• This role acts as an executioner in managing committee operations, ensuring compliance with regulatory and internal guidelines, risk management and facilitating strategic decision-making, related to product approvals and lifecycle governance.
• Responsible for ensuring all new product launches and modifications, adhering to the internal policy and Reserve Bank of India regulations.
• Assist to organize and convene regular PAC meetings to review, approve or reject new product launches / material modification to existing products in alignment with the scheduled timelines.
• Ensure approvals from all the relevant stakeholders are obtained for product offerings placed in the Committee, includes both new and existing modifications.
• Maintain accurate records of discussions, decisions, and action items in compliance with RBI and internal governance standards.
• Prepare a draft update on the Products to the Board on a quarterly basis.
• Liaise with the relevant stakeholders as applicable, viz., product owners, risk, compliance, legal, finance, IT and operations teams to collate inputs for PAC deliberations.
• Ensure timely submission of proposals and product notes for review.
• Ensure approvals of all the relevant stakeholders are obtained in the system workflow well in advance, prior to placing the new product or modifications in the Committee.
• Ensure periodic follow up and escalation mechanism to ensure approvals or rejections are obtained on time.
• Ensure PAC decisions adhere to RBI guidelines, internal product governance frameworks, and risk management policies.
• Ensure coordination with Risk, Compliance / Legal for the potential Risk.
• Track and report compliance status for all approved products.
• Maintain a repository of all product approvals, modifications, and discontinuations.
• Maintain a summary of the Annual / Periodic Review as per the defined frequency.
• Prepare and maintain Compliance Review summary dashboard post market launch of the product.
• Preparation of Minutes of the Meeting and circulation to all concerned and the same is maintained for future reference / audits.
• Identify opportunities to streamline PAC processes and enhance governance efficiency.
• Implement best practices for documentation, decision-making, and follow-up.

Qualifications

• Strong understanding of banking products, banking practices and regulatory environment.
• Excellent organizational and project management skills.
• Excellent leadership, communication and cross functional collaboration skills.
• Ability to manage multiple stakeholders and drive consensus.
• Proficiency in MS Office and governance tools.
• Strong communication and documentation skills.
• Experience: 5 - 10 years of relevant experience.

IDFC FIRST Bank Limited

IDFC FIRST Bank took its present form on 18 December 2018, when IDFC Bank and Capital First merged. IDFC Bank had been launched in November 2015 through a demerger from IDFC Limited, the infrastructure finance company set up in 1997, while Capital First brought a retail lending business built around consumers and small entrepreneurs. IDFC Limited, the former holding company, was itself merged into the bank with effect from 1 October 2024, leaving a simpler structure with no holding company and no promoter. Listed on the NSE and BSE, the bank has its corporate office at Bandra-Kurla Complex in Mumbai and its registered office in Chennai, and lends mainly to retail, rural and small-business customers.

Finance-side roles at the bank include credit managers for loans against property, rural branch lending and wholesale banking, trade finance operations staff, reconciliation and operational-risk work in wholesale banking, internal auditors (including gold-loan audit), due-diligence quality control and business finance analysis. Openings are spread over cities such as Mumbai, Navi Mumbai, Thane, New Delhi, Bengaluru, Hyderabad, Ahmedabad, Jaipur and Lucknow. Many postings accept a graduate or postgraduate in any discipline, often a B.Com, BMS or BBI, while several credit and finance roles ask for a CA or an MBA in Finance, or list CA, CFA or ICWA as preferred.

• Industry: Banking: retail, rural and MSME lending, deposits, wealth management, and wholesale and trade banking
• Headquarters: Mumbai, India (corporate office at Bandra-Kurla Complex); registered office in Chennai
• In India: IDFC FIRST Bank Limited, listed on the NSE and BSE, with its corporate office in Mumbai, its registered office in Chennai and branches across India