He goes as Atul Jain, and he has decades of Bajaj experience. The 52-year-old Jain started his career as a project executive in investment banking and the capital markets at PNB Capital Services Limited and subsequently Prudential Capital Markets Limited. His significant relocation to Bajaj Group in 2002 is where he has been ever since.
That has paid off handsomely in terms of his professional trajectory, as Jain did not receive his MBA from Harvard or IIM but rather from Punjabi University in Patiala. Jain began his career with Bajaj Finance more than 20 years ago in Lucknow as a branch manager and worked his way up to become the head of the housing division. With oversubscriptions hitting a record-breaking Rs 3.24 lakh crore in bids, Bajaj Finance’s Rs 6,560 crore initial public offering (IPO) is generating significant media attention. The proceeds from the IPO will go towards organic expansion.
Sustaining high collections and minimal non-performing assets (NPAs) is the largest problem facing the lending industry. In the BFSI sector, Jain capably oversaw the creation of a low-ticket collection mechanism that is best in class. He increased overall performance and drastically decreased losses by applying a field-centric strategy.
Jain has worked in the non-banking sector for more than thirty years. He truly has a love for creating companies from the ground up. That’s why, some six years ago, he was recruited from Bajaj’s finance to housing arm. He has served as the CEO and MD of the housing business for the past six years, carrying out its plan.
Since its founding, Atul has been instrumental in driving the company’s notable asset growth. The company’s assets under management (AUM) have grown at a compound annual growth rate (CAGR) of 31% over the last three years. The business announced a net profit for FY24 of Rs 1,731 crore, up 38% from the previous year, while net income increased by 34% to Rs 7,618 crore during the same time frame. Bajaj Housing Finance became one of the leading private mortgage players among HFCs in India under Atul’s direction.
Through Bajaj Housing Finance, the Group is creating the “HDFC of the future,” according to Bajaj Finserv chairman Sanjiv Bajaj. This is completely feasible given the firm’s financial resources, managerial flexibility, and synergies through its retail NBFC division, as well as the opening presented by HDFC Ltd.’s withdrawal from the home financing market following its merger with HDFC Bank. The group is based in Pune.
Despite the enormous market potential, there are still difficulties, especially since banks that have access to cheap financing have an edge over Housing Finance Companies (HFCs) or Non-Bank Financial Companies (NBFCs). In three to four years, Jain hopes to establish a significant mortgage player in the market. The organisation offers a range of credit choices, such as construction finance, loans secured by property, and house loans.
By effectively managing risk, lending, and collections—the three pillars of success—Jain is strategically directing the company’s growth trajectory. He spent sixteen years with Bajaj Housing Finance honing his talents. Throughout his long career, Jain has held a variety of leadership positions inside the organisation, including those of Chief Collection Officer for 11 years, President of Rural Lending & Collections for 4 years, and Enterprise Risk Officer for 2 years.
Jain’s tenure will expire in April of 2027 after five years. The appointment of Jain to the board was scrutinised by regulators in 2022. As mandated by RBI regulations, the business had nominated Jain as an extra director without first obtaining the RBI’s clearance. The corporation clarified that no approval was required because Jian was already the CEO and this was not a management change. But in August 2023, the RBI sent a notification questioning why the regulator’s consent wasn’t requested. Despite its response, RBI levied a penalty in February 2024.
