Bajaj Finance selects Arindam Bhattacharya as an independent director

17 Mar 2023 , 09:09 AM

Arindam Bhattacharya, an investor and senior advisor, has been recruited by Bajaj Finance as an independent director of the company, according to an exchange filing.

Bhattacharya has over 30 years of experience in the industry and consultancy, with an emphasis on the industrial sector, having started as a graduate engineer trainee with Eicher Group.

He has recently overseen the BCG's expanding engagement with the federal and state governments on issues relating to the economy as well as the social sectors, such as education and health, and he has provided advice to the World Food Programme, Save the Children, the Gates Foundation, and the World Bank.

Anup Saha and Rakesh Bhatt, the Deputy CEOs of Bajaj Finance, in addition to Bhattacharya, have been named as executive directors.

Saha spent 14 years working for ICICI Bank as their Senior General Manager and Group Product Head, where he was responsible for their retail home loans, auto loans, developer funding, and retail and rural collections. Saha joined Bajaj Finance in 2017.

Bhatt joined Bajaj Finance in 2009 and oversaw crucial operations like as technology, analytics, credit operations, customer experience, and quality while serving as CEO of Bajaj Finance Limited till 2018. He oversaw the establishment of a diverse Digital Marketplace business in financial services and e-commerce during his four years as CEO of Bajaj Finserv Direct Ltd.

Investors at Bajaj Finance lost Rs24,000 crore in a week when Indian stock market indices fell due to worries about the Silicon Valley Bank bankruptcy. While it battled rivalry in the home loan industry and rising interest rates, the Bajaj Finserv subsidiary saw a 6% decline in market value.

Morgan Stanley has maintained an overweight view of the non-banking financial company despite the stock being in the red for days.

The research company forecasted a 40% increase from current prices and provided a positive prognosis for Bajaj Finance.

Bajaj Finance has been having trouble since B2B sales have slowed down after a spike around the holidays, but they are looking for a rebound.

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