Mahindra Finance appoints Mahesh Rajaraman as CRO
Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024. In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17.
Mittal would be exploring opportunities externally as per her resignation letter. Her resignation would be effective from close of business hours on November 16, 2024, when she would cease to be employee of the company, it added.
The Non-banking Finance Company (NBFC) said in the interim period that Gaurav Verma, Head Underwriting & Product Policy, would exclusively oversee the risk management function and would be responsible for the responsibilities under the role of CRO until Rajaraman joins as the CRO.
Rajaraman, who has been appointed for a 5-year term, holds 29 years of experience in the banking sector with demonstrated ability in leading and building teams, Mahindra Finance said.
He has resigned from City Union Bank where he was serving as Head — Credit. Rajaraman has been associated with various banks namely Yes Bank, HDFC Bank, HSBC Bank and ANZ Grindlays Bank.
During his overall banking career, his areas of expertise and specialisation include retail assets, credit cards, agri lending and SMEs in the domains of policy /risk, underwriting, fraud risk management and anti-money laundering across all banking products.
The change in CRO at the NBFC came after the company detected fraud in the March quarter at one of its branches in the north-eastern states.
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