A Veteran Leading Bajaj Housing Finance
Atul Jain, a seasoned professional with over three decades of experience in the non-banking sector, has been instrumental in shaping Bajaj Housing Finance into a leading mortgage player in India.
Jain's journey began in investment banking and capital markets, where he honed his skills at PNB Capital Services Limited and Prudential Capital Markets Limited. In 2002, he joined Bajaj Group, marking a significant turning point in his career.
Despite not being a typical IIM or Harvard graduate, Jain's business education at Punjabi University, Patiala, proved to be a solid foundation for his success. Starting as a branch manager in Lucknow for Bajaj Finance, he steadily rose through the ranks, eventually heading the housing arm.
Jain's leadership has been crucial in driving Bajaj Housing Finance's remarkable growth. Under his guidance, the company has achieved a 31% CAGR in assets under management (AUM) over the past three years, with net profit and net income increasing by 38% and 34%, respectively, in FY24.
Jain's expertise lies in building organizations from the ground up. His passion for this is evident in his transition from Bajaj Finance to the housing arm six years ago. Since then, he has been the driving force behind the company's strategy, serving as its CEO and MD.
Bajaj Finserv chairman, Sanjiv Bajaj, envisions Bajaj Housing Finance as the "HDFC of the future." This ambition is fueled by the group's financial resources, management expertise, and synergies with its retail NBFC arm. Additionally, the exit of HDFC Ltd from the housing finance space after merging with HDFC Bank presents a significant opportunity for Bajaj Housing Finance.
Despite the vast market potential, challenges remain. Banks with access to low-cost funds have an advantage over Housing Finance Companies (HFCs) or NBFCs. However, Jain is determined to build an industry-relevant mortgage player within the next 3-4 years.
lending, risk management, and collections. His extensive experience in these areas, including 11 years as chief collection officer, 4 years as President of rural lending & collections, and 2 years as the Enterprise Risk Officer, has equipped him to strategically guide the company's growth trajectory.
In 2022, Jain's induction into the board faced regulatory scrutiny. The company's appointment of Jain as an additional director without prior RBI approval raised concerns. While the company argued that Jain's existing role as CEO did not necessitate regulatory approval, RBI imposed a penalty in February 2024.
Despite this setback, Atul Jain remains a key figure in Bajaj Housing Finance's journey towards becoming a leading mortgage player in India. His leadership, expertise, and passion for building organizations position him to navigate the challenges and capitalize on the opportunities that lie ahead.