Tag: BFSI news

Fullerton India appoints Rahul Bhardwaj as CIO, BFSI News, ET BFSI

Banking & Finance

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Fullerton India Credit Company Limited (Fullerton India), a leading Non-Banking Financial Company, today announced the appointment of Rahul Bhardwaj as their Chief Information Officer and Head of Operations & Customer Service. He will be reporting to Pavan Kaushal, Chief Operating Officer.

Bhardwaj re-joins Fullerton India from Jio Payments Bank, where he was a part of the founding team and led the operations for Jio Payments Bank and Reliance Payments Solutions Ltd. During his 25 years work experience, Bhardwaj has worked with leading financial and technological institutions such as ICICI Bank, Aptech Internet and Globus Stores.

Bhardwaj was previously with Fullerton India for 11 years, where he held leadership positions in multiple roles, heading Operations, Customer Service and Technology. He played a key role in strategizing, designing and implementing the first full suite of technology applications at the company. During his role in Operations, Rahul led the creation of a regional structure and instituted a metrics-driven delivery culture.

Speaking on the appointment, Shantanu Mitra, CEO and MD, Fullerton India, said, “On behalf of the Fullerton India family, we are delighted to welcome back Rahul. Rahul has previously been with us for over a decade and helped the company grow immensely, while holding multiple leadership roles. We are certain he will draw from his past experiences in the industry and add value with his ideas to strengthen and help lead Fullerton India’s business and technological transformation during his tenure.”

“I am delighted to be back at Fullerton India. It had been an enriching and rewarding experience working for this organization. Through my current role, I look forward to not just enhancing the company’s Ops and Tech space but to take it to the next level of Digitization and business growth by deepening our technology adoption and expanding our digital footprints. We hope that this transformation will help us reach our customers more effectively and serve them better,” Bhardwaj said.



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RBI restricts continuous tenure of UCB MDs to 15 years, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The Reserve Bank of India has limited the maximum continued term of managing directors and whole-time directors (WTD) of urban cooperative banks (UCBs) to 15 years in a series of steps taken to ensure professional management of these institutions that have often been found undertaking non-transparent activities right at the top.

In the latest directions given by the RBI on appointment, re-appointment and termination process of MD and WTD of UCBs, the apex bank has said that an individual will be eligible for re-appointment as MD/WTD in the same bank even after finishing continuous 15-year tenure but only after a minimum gap of three years, subject to meeting other conditions.

Moreover, during this three-year cooling period, the individual shall not be appointed or associated with the bank in any capacity, either directly or indirectly.

In general, the RBI has directed that the tenure of MD/WTD shall not be for a period more than five years at a time subject to a minimum period of three years at the time of the first appointment unless terminated or removed earlier, and shall be eligible for re-appointment. The performance of MD/WTD shall be reviewed by the Board annually, the apex bank said.

The UCBs shall ensure that the following ‘fit and proper’ criteria are fulfilled by the person being appointed as MD. The MD shall function under the overall general superintendence, direction and control of the Board of Directors (BoD).

With regard to age, the RBI has said that the person at the top of UCBs should not be below the age of 35 years and above the age of 70 years at any time during his/her term in office. But, within the overall limit of 70 years, as part of their internal policy, individual bank Boards are free to prescribe a lower retirement age, the RBI said.

To run the operations professionally, the person should also have adequate educational qualifications. He/she should be a graduate, preferably, with Qualification in banking/ co-operative banking or Chartered/Cost Accountant/MBA (Finance); or Post-graduation in any discipline.

They must also have a combined experience of at least eight years at the middle/senior management level in the banking sector, including the experience gained in the concerned UCB, or non-banking finance companies engaged in lending (loan companies) and asset financing.

The person should not be engaged in any other business or vocation or beholding the position of a Member of Parliament or State Legislature or Municipal Corporation or Municipality or other local bodies. He/she should also not be a director of any company other than a company registered under section 8 of the Companies Act, 2013. The RBI has given a long list of propriety criteria to ensure only the right candidate is appointed for the post.

The RBI also said that UCBs shall constitute a “Nomination and Remuneration Committee (NRC)” consisting of three directors from amongst the Board of Directors (BoD) and nominate one among them as Chairman of the NRC.



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