Reliance Commercial Finance appoints Devang Mody as CEO

Reliance Commercial Finance is amongst the leading SMEs lenders in the non-banking finance space

Reliance Commercial Finance, a subsidiary of Reliance Capital, on Tuesday announced the appointment of Devang Mody as chief executive officer.

Prior to this, Mody served as president of consumer business at Bajaj Finance.

The consumer finance business of Bajaj Finance, under his leadership, witnessed a sharp growth to its current size spanning over 300 towns, with market leadership positions across various business lines.

Mody, aged 44, has over 20 years of experience in the financial sector. He started his career with Mahajan & Aibara, and then moved on to EY, followed by a stint at GE Money Financial Services where he was VP - Strategic Initiatives, before moving to Bajaj Finance.

"I am delighted to welcome Devang Mody as the new CEO of our commercial finance business, a high priority growth area for Reliance Capital in the future.

"Devang comes with an excellent track record of creating and rapidly growing highly profitable lending businesses in different segments. We expect Reliance Commercial Finance to significantly accelerate its growth momentum under his leadership," Reliance Capital Chairman Anil D Ambani said in a statement.

Reliance Commercial Finance is amongst the leading small and medium enterprise (SMEs) lenders in the non-banking finance space with assets under management of Rs 16,191 crore as of December 31, 2016.

The company, over the last eight years, has helped create success stories for over 1.3 lakh SMEs across the country covering various industries, and disbursed loans of over Rs 50,000 crore to them.

"India has embarked upon a major growth trajectory that will offer exponential growth opportunities for lending businesses," Mody said.