Madhukar has more than 40 years of experience in Banking, in India as well as overseas. He was the Chairman & Managing Director, United Bank of India and Industrial Investment Bank of India Limited. He was also the Managing Director, State Bank of Bikaner & Jaipur, Deputy Managing Director, State Bank of India, and, Managing Director, State Bank International Limited, Mauritius.
He was the Whole Time Member, Securities & Exchange Board of India. He was an Independent Director of Bharat Heavy Electricals Limited and Kribhco Shyam Fertilizer Limited and is on the board of Rajasthan Infrastructure Development Company.
He has held several key positions viz. Independent External Monitor of Telecommunication India Limited and the Chairmanship of several special committees like Gold Exchange Traded Fund, Committee on Tea Industry, State Level Bankers Committee for States of Delhi, West Bengal, Tripura and Manipur, and, Committee constituted by RBI for reviewing and preparing fresh teaching programs for Indian Institute of Bank Management, Gauhati, Assam.
He has been a Financial Advisor to Government of India, Ministry of Defence delegations to Russia and of the Groups constituted by Department of Banking, Government of India for finding a framework for establishing Asset Reconstruction Companies, review of legal provision leading to finalization of SARFAESI Act and cheque truncation initiatives for electronic usage.
His other designations include being a Member, Governing Council, Indian Banks'Association, Director, Delhi Finance Corporation, Member, Bengal Chamber of Commerce and Member, FICCI, Western Zone.
He has been a Member of the Task Force for approving MoU and monitoring the performance of Public Sector Undertaking of Government of India and heads the Settlement Advisory Committee of Punjab National Bank, New Delhi.