Anup Kumar Saha Resigns as Bajaj Finance MD After Three Months; Rajeev Jain Returns to Lead

Anup Kumar Saha, Managing Director of Bajaj Finance, resigned from his position on July 21, citing personal reasons, the company announced in an exchange filing. Along with his MD role, he has also stepped down as a board director.

Saha, a frontrunner for the MD and CEO role at IndusInd Bank, expressed his gratitude in his resignation letter: “I take this opportunity to thank the Board, the management team, and all stakeholders of the company for their support and trust during my tenure.

I remain committed to ensuring a smooth and seamless transition, and I am available to support the company during this period, as may be required.”

Rajeev Jain Returns as MD

Following Saha’s departure, Bajaj Finance assigned the additional responsibility of MD to Rajeev Jain, re-designating his position as Vice Chairman and Managing Director until March 31, 2028.

Jain had served as MD from 2015 until March this year and was appointed Vice Chairman effective April 1, 2025.

In March, Bajaj Finserv had named Jain as an additional non-executive director and Vice Chairman. Now, with Saha’s resignation, he resumes full executive leadership.

Saha’s Short Tenure and Potential Future at IndusInd

Saha had joined Bajaj Finance in 2017 and was elevated to MD in April 2025.

His resignation comes just three months into his new role, prompting speculation that he may soon take the top position at IndusInd Bank, which has been seeking a new CEO.

According to reports, Saha is among three names submitted to the Reserve Bank of India (RBI) for approval.

The other contenders are Axis Bank Deputy MD Rajiv Anand, who is nearing retirement, and Rahul Shukla from HDFC Bank, currently on a personal break. Due to the urgency of the situation, RBI could fast-track its decision.

If appointed, this would mark Saha’s return to commercial banking. Before Bajaj Finance, he spent 14 years at ICICI Bank, leading credit cards, auto loans, mortgages, and structured finance.

He holds an engineering degree from IIT Kharagpur and an MBA from IIM Lucknow. Saha did not respond to calls or messages seeking comment.

Bajaj Finance Reiterates Confidence in Jain

In a regulatory filing, the company stated, “Consequent to the resignation of Anup Kumar Saha and in the interest of continuity of management, the board, pursuant to the recommendation of the nomination and remuneration committee of the company and the applicable provisions of the Companies Act, 2013, has, in addition to Rajeev Jain’s existing powers and roles as executive vice-chairman of the company, vested him with the powers, roles and responsibilities of management of the company and re-designated him as vice-chairman and managing director of the company for the remainder of his term i.e. till 31 March 2028.”

Jain, who joined Bajaj Finance in 2007 as CEO, was instrumental in its transformation from a small auto lender to a diversified financial powerhouse. His leadership across product innovation and profitability earned him widespread recognition.

Industry Reaction and Succession Challenges

Brokerage firm Jefferies described Saha’s resignation as “a surprising departure,” noting that he was expected to be a key growth driver for the company.

However, it also affirmed confidence in Jain’s return, stating, “Jain’s availability, combined with the depth of Bajaj Finance’s management team, makes the transition smooth.”

Jefferies added that succession planning remains a priority, even though NBFCs are not bound by the RBI’s 15-year cap for non-promoter CEOs.

Saha’s Legacy at Bajaj Finance

During his tenure, Saha led significant digital and structural transformations, expanding the company’s customer reach and aligning operations with the vision of financial inclusion and innovation.

The company’s website acknowledges his role in launching new business verticals and integrating technology to drive customer-centric services.

In his resignation, Saha reiterated his commitment to ensuring a smooth transition, stating, “I remain committed to ensuring a seamless transition and am available to support the company during this period.”

Market Response

Following the announcement, Bajaj Finance shares rose 0.82% on the Bombay Stock Exchange around 9:17 am, while IndusInd Bank shares increased nearly 2.4%, reflecting market anticipation of Saha’s potential appointment at the bank.