Sarada Kumar Hota appointed as National Housing Bank MD

Canara Bank General Manager Sarada Kumar Hota has been appointed as the managing director of the National Housing Bank (NHB), the finance ministry said.

The appointment comes nine months after Sriram Kalyanaraman's forced resignation amid allegations of irregularities and misconduct against him.

In absence of a regular managing director, Dakshita Das, additional secretary in the finance ministry, was holding additional charge of NHB.

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Hota as the managing director (MD) of the housing finance regulator for a period of three years, the finance ministry said in a notification.

Prior to this, he served as the managing director of Can Fin Homes, a subsidiary of Canara Bank.

The appointment of Hota comes at a time when the housing finance sector is going through a turbulent phase due to liquidity crunch sparked off by a series of defaults by IL&FS group companies.