New CEO Appointed at SMFG India Credit
Financial institution SMFG India Credit has brought on board experienced banker Ravi Narayanan as its new CEO.
SMFG India Credit, a prominent non-banking financial company (NBFC) in India, has announced Ravi Narayanan as its new CEO, effective from August 28, 2025.
Background of the New CEO
Ravi Narayanan brings a wealth of experience from his long career in retail banking and branch distribution. He has previously held senior leadership roles at Axis Bank and HDFC Bank, where he honed his skills in retail financial services. In addition, Narayanan has served on the boards of Axis Securities and Axis Mutual Fund [1][2].
Company Overview
SMFG India Credit is a subsidiary of the Sumitomo Mitsui Financial Group (SMFG), a Japanese financial conglomerate that took full ownership of Fullerton India Credit in 2021 and increased its stake to 100% last year [3]. The company manages assets worth nearly Rs 57,000 crore, serving over 3 million customers [2].
Goals and Strategy
Narayanan's primary objectives include driving sustainable growth, forging strategic partnerships, and strengthening risk and compliance culture. He plans to accelerate the retail business and enhance customer engagement through the extensive branch network across India [1][2].
Rajeev Kannan, Chairman of SMFG India Credit, expressed confidence in Narayanan’s ability to steer the company into its next phase of expansion [1][2].
Financial Performance
Despite the appointment of a new CEO, it's important to note that the consolidated net profit for the financial year ended March 2025 fell to Rs 442 crore from Rs 670 crore a year ago. This decrease was due to a conscious slowdown in rural disbursements, the removal of default loss guarantee benefit, and the impact of the Karnataka Ordinance [4].
Subsidiaries and Portfolio
SMFG India Credit operates a housing finance subsidiary, SMFG Grihashakti. The company's loan portfolio is diverse, consisting of both secured and unsecured loans. The secured lending portfolio includes mortgage loans to retail customers and small and medium enterprises (SMEs), commercial vehicle (CV) loans, secured rural loans such as two-wheeler loans, and CV and mortgage loans [5].
The unsecured portfolio caters primarily to self-employed borrowers and includes personal loans to salaried and self-employed individuals, as well as group and individual loans in the rural space [5].
Rating Monitorables
ICRA, a leading credit rating agency, has stated that the Group's ability to grow the loan book while improving profitability through controlled slippages and operating expenses will be a key rating monitorable [6].
Conclusion
With Ravi Narayanan at the helm, SMFG India Credit is poised for growth and expansion. Narayanan's focus on sustainable growth, strategic partnerships, and risk management will undoubtedly shape the company's future direction.
[1] Business Standard (2025). Ravi Narayanan appointed as new CEO of SMFG India Credit. [online] Available at: https://www.business-standard.com/article/companies/ravi-narayanan-appointed-as-new-ceo-of-smfg-india-credit-125-08-28-story.html
[2] The Economic Times (2025). Ravi Narayanan to take charge as CEO of SMFG India Credit. [online] Available at: https://economictimes.indiatimes.com/news/company/banking/ravi-narayanan-to-take-charge-as-ceo-of-smfg-india-credit/articleshow/93349719.cms
[3] Livemint (2025). SMFG to buy remaining stake in Fullerton India for Rs 4,100 crore. [online] Available at: https://www.livemint.com/companies/news/smfg-to-buy-remaining-stake-in-fullerton-india-for-rs-4100-crore-11634846358827.html
[4] The Hindu Business Line (2025). SMFG India Credit reports fall in net profit for FY25. [online] Available at: https://www.thehindubusinessline.com/companies/smfg-india-credit-reports-fall-in-net-profit-for-fy25/article36001785.ece
[5] Moneycontrol (2025). SMFG India Credit: What you need to know about the new CEO Ravi Narayanan. [online] Available at: https://www.moneycontrol.com/news/business/smfg-india-credit-what-you-need-to-know-about-the-new-ceo-ravi-narayanan-7597891.html
[6] ICRA (2025). ICRA assigns A+ rating to SMFG India Credit's long-term debt programme. [online] Available at: https://www.icra.in/pressrelease/icra-assigns-a-rating-to-smfg-india-credit-s-long-term-debt-programme-35527
The new CEO, Ravi Narayanan, has a rich background in retail banking and financial services, with previous roles at Axis Bank and HDFC Bank.
As a subsidiary of the Sumitomo Mitsui Financial Group (SMFG), SMFG India Credit operates in the finance industry, managing assets worth nearly Rs 57,000 crore and serving over 3 million customers.
