Mr. Madhukar holds a Master of Arts degree in Economics and a Bachelor's degree in Law. He did professional programs in Project Management and Human Resource Development etc.

from IIM Ahmadabad, IIM Kolkata, IMI New Delhi and he is a Certified Associate of Indian Institute of Bankers (CAIIB). Mr. Madhukar's banking career spans over 37 years and covers every major dimension of banking operations, both in India as well as overseas.

From 1990 to 1996 he served as the Managing Director of the State Bank International Limited, Mauritius. In 1997, he was appointed Senior General Manager at SBI Capital Markets. From 1998 to 2000, he served as the Chief General Manager, New Delhi Circle at SBI; and in 2000 to 2001, as Managing Director of State Bank of Bikaner & Jaipur.

In 2003-2004, he was appointed Chairman & Managing Director at the Industrial Investment Bank of India Ltd. (IIBI).

He held concurrent charge from 2001-2004 as Chairman & Managing Director at United Bank of India and was responsible for the remarkable turnaround of the bank from being a loss-making bank to a profit-making success, without any additional financial assistance from the Government of India. He has also served as Whole Time Member of Securities and Exchange Board of India.