M B N Rao: Still wearing his boots

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Bankers love a good return on investment. And what better return from a distinguished career in banking than to be snapped up after retirement? That’s exactly what M B N Rao, the former chairman of Bangalore-based Canara Bank, must be wondering after he was named chairman of Cholamandalam Investment and Finance Co Ltd.

Rao joins Cholamandalam, part of the Chennai-based Murugappa Group, after it ended a five-year alliance with DBS Group of Singapore in March this year. Rao’s decade-long overseas experience in Singapore and Indonesia could help compensate for the exit of an overseas financial conglomerate.

A graduate in agriculture, Rao is an associate of Chartered Institute of Bankers, London, and a fellow of the Indian Institute of Banking and Finance. He is a former chairman of the Indian Banks’ Association and has been a part of several committees set up by the Reserve Bank of India, Ministry of Finance, Securities and Exchange Board of India and the National Institute of Bank Management.

The 32-year old Cholamandalam started primarily as an equipment financing company and over the years branched out into extending business, auto and home loans, while adding stock broking, securities business, asset management and distribution of financial products to its product range.

Cholamandalam today boasts around 140 branches across India and manages assets of more than Rs 8,500 crore.