Bajaj Finance managing director Saha quits three months after appointment
Saha, who had joined Bajaj Finance in 2017, was among the three names mentioned as contenders for the top job at private lender Indusind Bank, according to media reports. The bank has been looking for a chief executive since its former head quit following a debacle around accounting practices for its derivative portfolio.
The other two names, reportedly submitted by Indusind Bank to the Reserve Bank of India (RBI) for approval, include soon-to-retire Axis Bank deputy managing director Rajiv Anand and Rahul Shukla, who is 'taking personal time off' from his role at HDFC Bank.
Mint recently reported that while the regulator usually seeks names six months in advance as part of the approval process, given the circumstances, it could expedite its vetting.
If appointed to head Indusind Bank, it would not be Saha's first role at a commercial bank. Prior to joining Bajaj Finance, Saha spent 14 years at ICICI Bank. He has led various businesses including credit cards, mortgages, auto loans and structured finance. Saha holds an engineering degree from IIT Kharagpur and an MBA from IIM Lucknow.
Saha did not respond to a call and a text message seeking comment.
In March, while announcing Saha's elevation as the managing director, Bajaj Finance had said that he 'ensures that Bajaj Finance remains at the forefront of the industry, consistently achieving shared success and benefiting all stakeholders'.
In a regulatory filing on Monday, Bajaj Finance said, 'Consequent to the resignation Anup Kumar Saha and in the interest of continuity of management, the board, pursuant to the recommendation of nomination and remuneration committee of the company and the applicable provisions of the Companies Act, 2013, has, in addition to Rajeev Jain's existing powers and roles as executive vice-chairman of the company, vested him with the powers, roles and responsibilities of management of the company and re-designated him as vice-chairman and managing director of the company for the remainder of his term i.e. till 31 March 2028.'
Jain, who joined Bajaj Finance as chief executive officer in 2007, went on to become the managing director in 2015. Before joining Bajaj, he worked with GE, American Express and the American International Group. He is considered to be the force behind transforming Bajaj Finance from a small auto finance business to a financial conglomerate. In March, the lender announced that he would become the vice-chairman in the capacity of an executive director.
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