Bajaj Finance Managing Director Anup Kumar Saha has resigned just four months after taking the helm at the country’s most valuable non-banking financial company (NBFC).
The company announced on Monday that Saha has stepped down citing “personal reasons”, raising speculation that his next destination could be IndusInd Bank, where the top job opens up soon.
Saha’s exit has come as a bolt from the blue. Appointed MD in April 2025, he was widely seen as a key driver of the company’s next growth phase. His abrupt resignation has prompted brokerage Jefferies to term the development “a surprising departure,” especially given that Saha had only recently assumed the position.
Interestingly, reports suggest that Saha is one of three names in the running for the top role at IndusInd Bank, which must submit its CEO succession recommendations to the RBI by June 2025. If confirmed, this would mark Saha’s return to banking leadership—this time, as CEO.
The board of Bajaj Finance has swiftly reinstated Rajeev Jain, the architect of the company’s transformation, as Managing Director. Jain, who served as MD for over 15 years, had stepped aside earlier this year to take on the role of Executive Vice Chairman. Now, he will once again hold dual responsibility as Vice Chairman and MD until March 31, 2028.
Jefferies, which continues to back Bajaj Finance as one of its top NBFC picks, noted that Jain’s return offers near-term stability. “Jain’s availability, combined with the depth of Bajaj Finance’s management team, makes the transition smooth,” the brokerage said in a note to clients.
However, it added that identifying and grooming long-term succession candidates will remain a key deliverable for the company.
Jain, now in his fourth term as MD, has been instrumental in shaping Bajaj Finance into a retail lending powerhouse, driving innovation across product lines and maintaining high standards on asset quality and profitability. Although NBFCs aren’t bound by RBI’s 15-year cap on non-promoter CEOs (unlike banks), Jefferies believes the group may begin exploring internal or external succession planning in the medium term.
A potential move to IndusInd Bank would mark a return to Saha’s banking roots. A veteran with 32 years in financial services, he had spent 14 years at ICICI Bank, where he rose to the rank of Senior General Manager and served on the boards of ICICI Bank HFC and TU CIBIL. He led key verticals including credit cards, auto loans, structured finance, and business intelligence.
He joined Bajaj Finance in 2017, where he helped scale operations, launched new business verticals, and pushed forward digital transformation and customer-centric innovations. The company’s website credits him with expanding customer reach and aligning growth with a vision of financial inclusion and technology integration.
In his resignation letter, Saha thanked the board and stakeholders for their support and assured a smooth handover. “I remain committed to ensuring a seamless transition and am available to support the company during this period,” he wrote.
Bajaj Finance shares were up 0.82% on the Bombay Stock Exchange around 9:17 am, while IndusInd Bank rose nearly 2.4%.
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