Reliance Commercial Finance, a subsidiary of Reliance Capital has appointed Devang Mody as their Chief Executive Officer. He will head the commercial lending arm of Reliance Capital, which is one of the leading lenders to small and medium enterprises (SMEs) among non-banking financial companies, with assets under management of Rs 16,191 crore as of December 31.
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 is a visionary pioneer, and 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," Anil D. Ambani, Chairman, Reliance Capital, said in a statement.
India has embarked upon a major growth trajectory that will offer exponential growth opportunities for lending businesses. I thank Reliance Capital for giving me this opportunity to lead and grow this already established and high potential business," Mody was quoted as saying.
A chartered accountant by qualification, Devang was heading the consumer business at Bajaj Finance prior to this. He has also worked in leadership roles at GE Money, AIG Consumer Finance and Bajaj Auto Finance earlier.