His title is Atul Jain, a Bajaj veteran for many years.
The 52-year-old Jain started his profession in funding banking and capital market, working as a venture govt at PNB Capital Companies Restricted and later with Prudential Capital Markets Restricted. His huge transfer was to Bajaj Group in 2002 the place he has stayed since then.
That paid wealthy dividends in his profession graph as Jain is just not the standard MBA graduate from IIM or Harvard; he accomplished his enterprise schooling at Punjabi College, Patiala.
Began working as a department supervisor over twenty years in the past in Lucknow for Bajaj Finance, Jain rose from the ranks to go the housing arm. Bajaj Finance is making headlines with its Rs 6,560 crore IPO, which has set a brand new document with oversubscriptions reaching Rs 3.24 lakh crore in bids. The cash from IPO will likely be used for natural development.
The most important problem within the lending enterprise is sustaining sturdy collections and conserving NPAs low. Jain efficiently led the event of a best-in-class low-ticket collections mannequin inside the BFSI trade. By implementing a field-centric method, he was capable of considerably scale back losses and enhance general efficiency.
Jain comes with over three a long time of expertise within the non-banking area. In reality, he’s captivated with constructing organisations from scratch. That is the explanation he was introduced in from Bajaj’s finance to housing arm some six years in the past. Within the final six years, he has been the person executing the housing arm’s technique and its CEO and MD.
Atul has performed a key function in spearheading the corporate’s vital asset development since its inception. Over the previous three years, the corporate has achieved compound annual development charge (CAGR) of 31 per cent in property underneath administration (AUM). The corporate has reported a web revenue of Rs 1,731 crore for FY24, marking a 38 per cent year-on-year enhance, whereas web revenue grew by 34 per cent to Rs 7,618 crore throughout the identical interval
Beneath Atul’s management, Bajaj Housing Finance emerged as one of many high non-public mortgage participant amongst HFCs in India.
Bajaj Finserv chairman, Sanjiv Bajaj, lately stated that the Group is constructing the ‘HDFC of the long run’ by Bajaj Housing Finance. That is solely doable, because the Pune-headquartered group has the monetary assets, administration bandwidth, and synergies by its retail NBFC arm, together with the chance created by HDFC Ltd’s exit from the housing finance area after merging with its banking platform, HDFC Financial institution.
Whereas the market potential is big, challenges stay, significantly as banks with entry to low-cost funds have a bonus over Housing Finance Corporations (HFCs) or NBFCs.
Jain goals to construct an trade related mortgage participant in 3-4 years’ time. The corporate supplies varied mortgage choices together with residence loans, loans in opposition to property, and development finance.
Mastering the three pillars of success – lending, threat administration, and collections – Jain is strategically guiding the corporate’s development trajectory. He honed these expertise in 16 years when was a part of Bajaj Housing Finance. Jain’s intensive profession contains 11 years as chief assortment officer, 4 years as President of rural lending & collections, and a couple of years because the Enterprise Danger Officer, showcasing his various management roles inside the firm.
Jain’s time period is for five years, ending April, 2027.
In 2022, Jain’s induction into board got here underneath regulatory lens. The corporate had appointed Jain as a further director with out getting prior approval from the RBI, which is required by their guidelines. The corporate defined that since Jian was already the CEO, this wasn’t a administration change, so no permission was wanted.
Nonetheless, RBI despatched a discover in August 2023, asking why approval wasn’t sought from the regulator. It responded, however RBI nonetheless imposed a penalty in February 2024.