Anup Kumar Saha, Managing Director of Bajaj Finance, has resigned just four months after assuming the role, citing "personal reasons." His sudden departure has sparked speculation that he may be in contention for the CEO position at IndusInd Bank, which is due to submit its succession plan to the Reserve Bank of India by June 2025.
Saha, who was seen as a key figure in Bajaj Finance’s next growth phase, was appointed MD in April 2025. His abrupt exit has been described by Jefferies as a “surprising departure.” The board has reinstated Rajeev Jain as MD, who had earlier transitioned to Executive Vice Chairman. Jain will now serve as both Vice Chairman and MD until March 31, 2028. Jefferies said Jain’s return provides near-term stability and affirmed Bajaj Finance as one of its top picks in the NBFC sector.
The focus now turns to long-term succession planning, which remains a critical objective. Jain, in his fourth term as MD, has played a pivotal role in transforming Bajaj Finance into a leading retail lender known for innovation and strong financial discipline.
Saha, a veteran in financial services with over 32 years of experience, joined Bajaj Finance in 2017 after serving in leadership roles at ICICI Bank. He contributed significantly to Bajaj Finance’s digital and customer-focused transformation. His resignation letter expressed gratitude to the board and a commitment to ensure a smooth transition.
Following the news, Bajaj Finance shares rose by 0.82%, while IndusInd Bank saw a nearly 2.4% increase.
