Bajaj Finance MD Anup Kumar Saha Quits Amid Buzz Over Likely Switch To IndusInd Bank

The board of Bajaj Finance has approved the resignation of Anup Kumar Saha as managing director and director of the company with immediate effect, the non-bank lender said in a press release.

Saha, who tendered his resignation on Monday, citied personal reasons behind his decision to step down. This development has come as news reports have suggested that Saha is among of the three top candidates for the position of MD and CEO at IndusInd Bank.

The Reserve Bank of India had directed IndusInd Bank to submit its CEO recommendations by June 30.

According to news reports, the top three CEO contenders, apart from Saha, include Rajiv Anand, deputy managing director of Axis Bank, who is set to retire from the private sector bank in August; and Rahul Shukla, former former group head at HDFC Bank, who is currently on sabbatical and is known for his experience in commercial and rural banking.

The announcement of a new CEO is crucial for IndusInd Bank as the lender will be tasked with restoring trust, tightening governance, and stabilising the bank after months of financial misreporting and management turmoil.

With Saha's exit, the board of Bajaj Finance has also vested Rajeev Jain, with the powers, roles and responsibilities of management of the company and re-designated him as vice-chairman and MD for the remainder of his term till March 13, 2028. Currently, Jain is the executive vice-chairman of the company.