From branch manager to CEO: How Atul Jain transformed Bajaj Housing Finance

The journey from a modest branch manager to a CEO of a leading financial institution sounds like something straight out of a business drama, doesn’t it?
Well, this is exactly the story of Atul Jain, a man who transformed Bajaj Housing Finance into a powerhouse in India’s mortgage market.
Atul Jain, now 52, has been with the Bajaj Group for over two decades. He began his career in investment banking, working as a project executive at PNB Capital Services Limited and later at Prudential Capital Markets Limited. However, his defining move came in 2002 when he joined the Bajaj Group.
Unlike many top executives, Jain didn’t follow the traditional route of an MBA from prestigious schools like IIM or Harvard. Instead, he earned his business degree from Punjabi University, Patiala. His journey started as a branch manager in Lucknow for Bajaj Finance, a role that laid the foundation for his rise to CEO of Bajaj Housing Finance.
Bajaj Housing Finance, under Jain’s leadership, has seen remarkable growth. Bajaj Finance recently made headlines with its Rs 6,560 crore IPO, which attracted bids worth Rs 3.24 lakh crore, setting a record for oversubscription.
Another feather to the cap was added when the shares of Bajaj Housing Finance listed at a premium of 114%, turning multibagger on market debut. The money from the IPO will be used to fuel organic growth for the company.
One of Jain’s biggest challenges in the lending business has been maintaining strong collections while keeping non-performing assets (NPAs) low. By implementing a field-centric collections model, he managed to reduce losses and improve the company’s overall performance, helping to build Bajaj Housing Finance’s reputation in the BFSI sector.
With over 30 years of experience in the non-banking financial sector, Jain is known for his passion for building organisations from the ground up. This passion is what led him to take charge of Bajaj Housing Finance six years ago. Since then, he has been the driving force behind its growth, serving as its CEO and Managing Director.
Under his guidance, the company has achieved an impressive compound annual growth rate (CAGR) of 31% in assets under management (AUM) over the last three years. In FY24, Bajaj Housing Finance reported a net profit of Rs 1,731 crore, a 38% year-on-year increase, while net income grew by 34% to Rs 7,618 crore.
Bajaj Housing Finance has emerged as one of the top private mortgage players in India, standing out among Housing Finance Companies (HFCs). Sanjiv Bajaj, chairman of Bajaj Finserv, even said that the group is working towards building the “HDFC of the future” with Bajaj Housing Finance.
This vision seems achievable, given the company’s financial strength, management expertise, and synergies with its retail NBFC arm, particularly after HDFC Ltd’s exit from the housing finance market due to its merger with HDFC Bank.
Despite the immense potential, Bajaj Housing Finance faces challenges. Banks, with their access to low-cost funds, have an edge over HFCs and NBFCs. However, Jain is determined to position Bajaj Housing Finance as a key player in the mortgage market within the next three to four years. The company offers a range of loans, including home loans, loans against property, and construction finance.
Jain’s leadership style is built on mastering the three pillars of success in the lending business—lending, risk management, and collections. He developed these skills over his 16-year tenure with Bajaj Housing Finance. His diverse experience includes roles as Chief Collection Officer for 11 years, President of Rural Lending & Collections for four years, and Enterprise Risk Officer for two years.
Jain’s current term as CEO is set to run until April 2027. However, his appointment to the board in 2022 drew scrutiny from regulators. Bajaj Housing Finance appointed him as an additional director without obtaining prior approval from the Reserve Bank of India (RBI), which is required under their rules.
The company argued that since Jain was already CEO, this wasn’t a significant management change. Nonetheless, the RBI issued a notice in August 2023, questioning why permission was not sought. While Bajaj Housing Finance responded to the notice, the RBI imposed a penalty in February 2024.