Bajaj Finance MD Anup Kumar Saha Resigns After 4 Months, Rajeev Jain Returns to Lead
- Anup Kumar Saha resigns as MD of Bajaj Finance just four months after appointment.
- Former MD Rajeev Jain reinstated to lead the company until March 2028.
- Saha is reportedly in contention for the top post at IndusInd Bank.
In a surprise development, Anup Kumar Saha, Managing Director of Bajaj Finance, has stepped down from his role just four months after taking charge of India’s most valuable non-banking financial company (NBFC). The company announced the resignation, citing 'personal reasons' behind Saha’s decision. His abrupt exit has sparked industry speculation about a potential move to IndusInd Bank, where the CEO position is expected to open soon.
Saha, who took over as MD in April 2025, was widely regarded as a key figure for leading Bajaj Finance into its next phase of growth. His resignation, described by global brokerage Jefferies as 'a surprising departure', comes at a critical juncture, particularly given his recent appointment and the high expectations surrounding his leadership.
According to industry reports, Saha is among the top contenders for the CEO position at IndusInd Bank, which is expected to submit its leadership succession plan to the Reserve Bank of India (RBI) by June 2025. If appointed, this would mark a significant return to mainstream banking for Saha.
In a swift leadership response, Bajaj Finance has reinstated Rajeev Jain as Managing Director. Jain, who led the company for over 15 years and is widely credited for transforming it into a retail lending powerhouse, had stepped aside earlier this year to assume the role of Executive Vice Chairman. He will now hold dual responsibilities as Vice Chairman and MD until March 31, 2028.
Jefferies, which continues to list Bajaj Finance as one of its top NBFC picks, believes Jain’s return provides immediate leadership stability. “Jain’s availability, combined with the depth of Bajaj Finance’s management team, makes the transition smooth”, the brokerage noted. However, it also emphasized the importance of succession planning as a long-term priority for the firm.
Although NBFCs are not subject to RBI’s 15-year term limit on non-promoter CEOs, unlike banks, Jefferies suggested that the group may begin to actively groom internal or external candidates for leadership succession in the medium term.
Saha’s potential move to IndusInd Bank would be a return to his banking roots. A seasoned veteran with over three decades of experience in financial services, Saha spent 14 years at ICICI Bank, rising to the position of Senior General Manager. He also served on the boards of ICICI Bank HFC and TU CIBIL, and led key functions such as credit cards, auto loans, structured finance, and business intelligence.
He joined Bajaj Finance in 2017, where he played a pivotal role in expanding operations, launching new verticals, and championing digital transformation. Under his guidance, the company achieved significant customer outreach and aligned its growth strategies with a vision of financial inclusion and tech-led innovation.
In his resignation letter, Saha expressed gratitude to the board and stakeholders, assuring them of his continued support during the transition. “I remain committed to ensuring a seamless transition and am available to support the company during this period”, he wrote.
