In his new role, Deshwal would be responsible for the Lending and Housing Finance business along with its Insurance business. The company said that he will be based out of the Pune corporate office.

Vijay Deshwal, a post-graduate from Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. His experience spans across segments of banking, corporate finance, international business, and operations.

Abhay Bhutada, MD of Magma Fincorp said “Vijay Deshwal's extensive knowledge and rich experience across the various facets of banking and financial services will drive the transformation and charter a new phase of growth under the Poonawalla brand.”

Shares of Magma Fincorp were trading 0.03% lower at Rs 148 on BSE.

Poonawalla Group recently acquired a majority stake of 60% in Magma Fincorp through its holding company Rising Sun Holdings in May 2021.

Mumbai-based Magma Fincorp is a Mumbai-based non-deposit taking systemically important non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI).