Anup Kumar Saha Steps Down as Bajaj Finance MD After 3 Months, Eyes IndusInd Bank CEO Role
Leadership Turmoil Hits Bajaj Finance
There’s rarely a dull moment in India’s finance sector, but this week brought a twist nobody saw coming. On July 21, Anup Kumar Saha dropped a bombshell by quitting as Managing Director of Bajaj Finance just three months into his tenure. He cited “personal reasons,” but the timing, with IndusInd Bank hunting for its next CEO, has tongues wagging across Dalal Street.
Saha isn’t just any executive—he’s a seasoned banker who made his mark at IndusInd Bank before joining Bajaj Finance back in 2017. Insiders say he’s now among the final three in the race for the IndusInd Bank top job, rubbing shoulders with Rajiv Anand of Axis Bank and Rahul Shukla from HDFC Bank. The Reserve Bank of India has put pressure on IndusInd to reveal its CEO succession plan by June, so the stakes right now couldn’t be higher.
Meanwhile, Bajaj Finance acted fast to steady the ship. Rajeev Jain, who’d been at the helm for over 15 years before moving aside earlier in 2025, is back as Vice-Chairman & Managing Director. The board wasted no time and extended his run until March 2028. For employees and investors, Jain’s return is a sign of stability—he helped make Bajaj Finance a powerhouse in consumer lending and NBFC circles.
Speculation Swirls as Markets React
The news of Saha’s exit and possible big move to IndusInd sent ripples through the markets. Bajaj Finance shares inched up 0.82% on the BSE, a number that might seem modest, but given the uncertainty a leadership change can spark, it’s a sign investors still have confidence. Over at IndusInd Bank, the excitement was even clearer. The stock jumped close to 2.4% as the banking community pondered the potential arrival of a new leader.
Leadership transitions in big banks and NBFCs rarely go unnoticed, but this one carries extra weight. Bajaj Finance has forged ahead in recent years with aggressive expansion in consumer credit and digital finance. Saha’s short stint was supposed to mark a new era, but now the company has to recalibrate its plans. His resignation letter emphasizes he’s focused on a smooth handover, suggesting there’s no bad blood, just rapid change.
On the other side, IndusInd Bank faces a crunch period. Vishwavir Ahuja’s term as CEO is ending, and the regulator wants a clear plan. Saha, with his old network at IndusInd and his experience growing Bajaj Finance, could be exactly what the bank needs to refresh its strategy at a time when competition is fierce and digital banking is shaking up the old order.
These sorts of behind-the-scenes moves show just how interconnected India’s top financial institutions are. The jump from NBFC to bank CEO isn’t unheard of, but it doesn’t happen every day—and with stock prices moving and investors closely watching, expect more twists before this story is done.