Big Shake-Up in NBFC World: SMFG India Credit Gets New CEO, Is a Strategy Shift Coming?

BY A STAFF Reporter: The Indian financial sector, especially the NBFC (Non-Banking Financial Company) space, is buzzing with speculation over whether SMFG India Credit will change its strategies and direction after a major leadership transition.

The company is now entering a new phase under Ravi Narayanan, a seasoned banker who officially took charge as the new Chief Executive Officer (CEO) on August 28, 2025. He succeeds Shantanu Mitra, the long-serving MD & CEO who retired in June. SMFG India Credit, a leading NBFC in India, is part of Japan’s Sumitomo Mitsui Financial Group (SMFG).

This leadership change comes at a time when the Japanese financial services giant is also moving to acquire Yes Bank. While Shantanu Mitra was well regarded for his sharp expertise in the lending business, Ravi Narayanan is known for his strong background in liability businesses from his previous stints.

Industry watchers point out that for any NBFC, especially in a growth phase, the key is to strike the right balance between lending and liability management. Lending helps expand revenue and reach more customers, while strong liability recovery ensures steady cash flow, liquidity, and long-term stability. A heavy focus on only one side can create financial risks and slow down expansion.

Experts believe lending will remain the backbone of SMFG India Credit’s revenue model, helping the company reach new customer groups and strengthen financial inclusion. At the same time, liability recovery and funding diversification will be critical to maintain liquidity and manage risks effectively.

SMFG India Credit has already shown strong growth. Its Assets Under Management (AUM) rose to ₹57,000 crore as of March 31, 2025, up from ₹45,441 crore a year earlier. The growth was driven by its expansion into urban markets, digital finance, and housing segments. Today, with more than 30 lakh customers and assets of over ₹60,000 crore, the company is one of India’s most important NBFCs, offering personal loans, housing finance, retail lending, and other consumer financial products.

What makes Narayanan’s appointment even more interesting is the timing. He quit Axis Bank just a few months ago, which has already sparked rumors in financial circles. Why would a top executive leave so suddenly, only to take over SMFG India Credit? This has led many to wonder if the company is preparing for a major transformation in its India strategy.

Whether Narayanan steers SMFG India Credit in a bold new direction, and whether that gamble pays off, is something the industry will be watching closely in the months ahead.