Indiabulls Housing Finance (IBHFL) the country’s second largest housing finance company announced the appointment of Mr. Subhash Sheoratan Mundra, ex-Deputy Governor of the Reserve Bank of India, as an Independent Director on the Board of the Company.
Mr. Mundra is a seasoned and a committed banker, with a distinguished career spanning over four decades, during which he held various high level positions, including Chairman and Managing Director of Bank of Baroda, Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations) amongst others, culminating in his appointment as the Deputy Governor of the Reserve Bank of India, from where he finally demitted office in July 2017.
Mr. Mundra has also served on Boards of several multi-dimensional companies like the Clearing Corporation of India Ltd (CCIL), Central Depository Services (India) Ltd. (CDSL), BOB Asset Management Company, India Infrastructure Finance Corporation (UK) Ltd. (IIFCL), IndiaFirst Life Insurance Company Ltd., Star Union Dai-Ichi Life Insurance company Ltd., National Payments Corporation of India Ltd., etc. Presently, Mr. Mundra is on the Board of BSE Limited and DSP Blackrock Investment Managers Private Limited. Mr. Mundra’s experience on the boards of these companies and his proven leadership skills, equips him with a unique perspective and insight into best practices in Corporate Governance and exercise of effective oversight.
IBHFL enjoys the highest long-term credit rating of AAA from all of the four leading rating agencies in India, including from CRISIL, a S&P Company, and ICRA, a Moody's Company. As of June 30, 2018, IBHFL had a balance sheet size of ₹ 138,236 Cr. IBHFL provides quick, convenient and competitively priced home loans in the mid-income affordable housing segment.
Mr. Mundra’s appointment is for a period of three years, until August 2021. Mr. Mundra’s extensive experience will be valuable for shaping the next phase of IBHFL’s growth, and his appointment will further strengthen the company’s corporate governance.