Ravi Narayanan Appointed CEO of SMFG India Credit
SMFG India Credit has named former Axis Bank executive Ravi Narayanan as its new chief executive officer, effective August 28. He succeeds Shantanu Mitra, who stepped down from the role in June.
Narayanan brings over 30 years of experience in retail banking and branch operations, having held senior leadership roles at Axis Bank and HDFC Bank. He has also served on the boards of Axis Securities and Axis Mutual Fund.
Commenting on his appointment, Narayanan said, “I look forward to working with the talented team at SMFG India to accelerate growth in the retail segment and enhance customer engagement through our nationwide branch network.” He added, “My focus will be on sustainable business growth, building strategic partnerships, and strengthening our risk and compliance framework to deliver lasting value to stakeholders.”
Founded in January 2006, SMFG India Credit primarily serves self-employed borrowers and is fully owned by Sumitomo Mitsui Financial Group, Inc. The company’s lending portfolio includes secured loans such as mortgages for retail customers and SMEs, commercial vehicle (CV) loans, rural loans including two-wheeler and CV loans, as well as unsecured personal loans for salaried and self-employed individuals. SMFG India Credit also operates a housing finance subsidiary, SMFG Grihashakti.
In the financial year ending March 2025, the company reported a consolidated net profit of Rs 442 crore, down from Rs 670 crore the previous year. The decline was attributed to a strategic slowdown in rural disbursements due to macroeconomic pressures, changes in credit loss provisioning, and the impact of the Karnataka Ordinance aimed at curbing excessive interest rates and harsh recovery practices.
Despite the drop in profits, the company’s assets under management grew 25.4% year-on-year to nearly Rs 57,000 crore as of March 31. Rating agency ICRA noted that the company’s ability to expand its loan portfolio while maintaining profitability through controlled slippages and operational efficiency will remain a key factor to monitor in the coming years.
