Sanjeev Moghe, a senior executive at Axis Bank, will lead Bajaj Auto Credit starting November 2. This move strengthens the management of Bajaj Auto’s captive lending arm, which has been scaling its operations. For Axis Bank, this departure adds to a series of recent senior management changes.
Sanjeev Moghe, a senior executive from Axis Bank, is set to join Bajaj Auto Credit Limited as its new Chief Executive Officer. His appointment is effective from November 2. This transition brings Moghe back to the Bajaj group, where he previously held leadership roles at Bajaj Finance before moving to Axis Bank for an eight-year stint.
Scaling Operations at Bajaj Auto Credit
Bajaj Auto Credit is the captive financial unit of Bajaj Auto, meaning it primarily provides credit solutions for the auto manufacturer’s customers and its supply chain partners. The company obtained its non-banking financial company (NBFC) license from the Reserve Bank of India in late 2023. Since then, it has been expanding its operations to support the parent company’s sales network. The unit reported an asset under management (AUM) of ₹19,000 crore and a profit after tax (PAT) of ₹665 crore for the last fiscal year.
The appointment is a strategic move for Bajaj Auto as it builds its captive lending arm. A dedicated finance unit can improve sales by offering financing support directly to customers and dealers. By bringing in a leader with extensive experience in the banking sector, the company aims to strengthen its financial services capabilities in a competitive vehicle financing environment.
Management Changes at Axis Bank
For Axis Bank, the departure of Moghe, who most recently led branch banking for the southern region, is the latest in a series of senior-level exits. The bank has seen several top-level changes recently, including the departure of its former Chief Financial Officer, Puneet Sharma, who moved to HDFC Bank. While senior management turnover is a common occurrence in the banking industry, investors often look at such transitions to assess whether they impact a lender’s strategic direction or operational stability. Axis Bank continues to manage its retail and institutional banking focus amidst these changes.
Going forward, investors in Bajaj Auto may follow how the new leadership drives credit growth and manages the quality of the loan book at the captive finance unit. For Axis Bank, the focus will remain on maintaining operational continuity through these leadership changes.