PNB Housing Finance on Thursday 6th August 2020 announced that Hardayal Prasad, the former SBI Card Head who left the Card issuer company last month, has been appointed as the new CEO and MD (Managing Director) of PNB housing Finance. The Housing Finance company promoted by country’s second largest state-owned Punjab National Bank (PNB) currently has Neeraj Vyas as its interim chief. Hardayal Prasad will assume charge on August 10, 2020.
Following an extensive executive search that considered internal and external candidates, its board of directors has appointed Hardayal Prasad as the Managing Director and the chief executive officer of the PNB Housing Finance Limited. Neeraj Vyas, the current interim Managing Director and chief executive officer of the company will step down from the position on August 10,2020. Hardayal prasad was a seasoned professional with over three decades of experience in banking, international operations at SBI and later with SBI Card. He had last month resigned as the Managing Director and Chief executive of SBI Card pursuant to Voluntary retirement from SBI. He holds a master degree in Chemistry and is a certified associate of Indian Institute of Bankers.
He is also credited with spearheading the IPO of SBI Cards and Payment Services Limited (SBI Card) and also led to the Transformational Journey of the company by repositioning it as a pure play credit card company, with leadership position in the market.
S S Mallikarjuna Rao, the Chairman of PNB Housing Finance said Hardayal prasad’s illustrious track record combined with exceptional leadership qualities and values make him right choice to lead PNB Housing Finance in its Journey to becoming the leading housing finance company in India. Prasad takes over the reins of PNB Housing at a challenging time as the company registered 48 percent fall in its disbursements to Rs.16,626 crores in 2019-20. PNB Housing expects higher demand from mass housing segment and thus would focus on its retail loan portfolio and sell down its corporate loan portfolio.
The Bank has decided to infuse Capital of up to Rs.600 crore in PNG Housing Finance Limited subject to regulatory approvals. Looking ahead the company is in a strong position to deliver on its strategy and is well-placed to capture future opportunities . Outgoing Neeraj Vyas expressed his confidence that Hardayal Prasad’s Diverse and comprehensive experience as a career banker will provide strong confidence to all stakeholders including employees, customers, and investors of PNB Housing.