Aavas Financiers Appoints Mr. Vellur Gopalaraghavan Kannan as Chairperson and Independent Director

Aavas Financiers Appoints Mr. Vellur Gopalaraghavan Kannan as Chairperson and Independent Director​

Aavas Financiers Limited, a dedicated retail and affordable housing finance company, has announced the appointment of Mr. Vellur Gopalaraghavan Kannan as both Chairperson of the Board and Non-Executive Independent Director. The appointment is effective from August 1, 2026.

Mr. Kannan's tenure as an Independent Director is set for five consecutive years, running from August 1, 2026, to July 31, 2031, and remains subject to the approval of the Company's shareholders. He assumes this role following Mr. Sandeep Tandon. The Board of Directors and management extended deep gratitude to Mr. Tandon for his exemplary leadership and significant contributions as Chairperson and Independent Director during his tenure.

Extensive BFSI Experience​

Mr. Kannan is described as a seasoned banking professional possessing over 40 years of leadership experience across the Banking, Financial Services and Insurance (BFSI) sector. His extensive background includes serving as Managing Director & CEO of SBI Capital Markets Ltd., India's premier investment banking subsidiary, prior to his time at the State Bank of India (SBI).

Within SBI, he held several key positions, including Chief General Manager - Mid Corporate Group, managing funded assets exceeding ₹1.80 trillion. He also served as Head of Forex & Money Markets at SBI Central Treasury and SBI Hong Kong, and Network General Manager for Chennai. As Managing Director (Associate Banks & Subsidiaries), he spearheaded the merger process involving five Associate Banks into SBI, completing a major banking integration exercise within one year.

Following his time at SBI, Mr. Kannan served as Chief Executive of the Indian Banks' Association (IBA) from December 2016 to December 2019, acting as a principal spokesperson for the banking industry on policy and operational matters. His subsequent roles include serving as an advisor to an international investment fund specializing in stressed asset investments (November 2019 to March 2023), and holding positions on RBI committees regarding ATM Interchange Fees (2019) and the creation of a Secondary Market for Corporate Loans (2018). He also served as a Permanent External Expert Member of the Regulatory Oversight Committee of the National Stock Exchange (NSE) from 2018 to 2024.

Management Reactions​

Commenting on the appointment, Mr. Manu Singh, Chief Executive Officer of Aavas, stated that he is pleased to welcome Mr. Kannan. He noted that Mr. Kannan's exceptional leadership pedigree and deep experience in banking, governance, risk management, and financial services will be a tremendous asset as the Company seeks to strengthen its institutional foundations and advance its long-term growth strategy.

Mr. Vellur Gopalaraghavan Kannan shared his thoughts on joining the board, stating, "I am truly honoured to join the Board of Aavas Financiers Limited at such an exciting stage in its journey. Aavas has built an impressive franchise, underpinned by a strong culture of governance and a genuine commitment to serving its customers responsibly." He added that he looks forward to working with the management to support sustainable growth.

In parting ways, Mr. Sandeep Tandon expressed his privilege in serving as Chairperson and Independent Director, reflecting on the Company's remarkable growth. He extended warm wishes to Mr. Kannan, noting that his distinguished experience will be a valuable asset to Aavas Financiers Limited.

About Aavas Financiers Limited​

Aavas Financiers Limited, established in 2011 in Jaipur, operates as a retail and affordable housing finance company. The company primarily targets low- and middle-income self-employed customers residing in semi-urban and rural areas of India who often have limited access to formal banking credit. Avas's product suite includes home loans for residential property purchase or construction, Loan against Property, and MSME loans. The Company utilizes an in-house execution model which contributes to superior business outcomes.

AAVAS Stock Price Movement​

Aavas Financiers Limited shares today slipped by 0.12% to settle at ₹1359.8, following a period of volatility in the market. The stock saw 27,076 shares traded during the session, having swung within an intraday range defined by a low of ₹1346.2 and a high of ₹1370.4.