Key Appointment Details
Aavas Financiers Limited has appointed Mr. Vellur Gopalaraghavan Kannan (DIN: 03443982) as an Additional Director in the capacity of Non-Executive Independent Director, effective August 1, 2026. Mr. Kannan has also been appointed as Chairperson of the Board, effective August 1, 2026, for a period of one year.
Mr. Kannan's appointment as an Independent Director is for a term of five consecutive years, from August 1, 2026, to July 31, 2031, and is subject to the approval of the Company's shareholders.
Transition of Leadership
Mr. Kannan succeeds Mr. Sandeep Tandon as Chairperson and Independent Director. The Board of Directors and Management expressed deep gratitude and sincere appreciation for Mr. Tandon's exemplary leadership and significant contributions during his tenure.
Professional Background of Mr. Vellur Gopalaraghavan Kannan
Mr. Kannan is a seasoned banking professional with over 40 years of leadership experience in the Banking, Financial Services and Insurance (BFSI) sector. He joined State Bank of India (SBI) as a Probationary Officer in 1978 and progressed to the Board position of Managing Director, overseeing SBI's domestic subsidiaries and associate banks until July 2016.
Key Career Highlights:
- Managing Director & CEO of SBI Capital Markets Ltd., India's leading investment banking subsidiary
- Chief General Manager – Mid Corporate Group, managing funded assets exceeding ₹1.80 trillion
- Head of Forex & Money Markets at SBI Central Treasury and SBI Hong Kong
- Network General Manager, Chennai
- Assistant General Manager (Fixed Income Markets), SBI Corporate Treasury, Mumbai
As Managing Director (Associate Banks & Subsidiaries), he spearheaded the successful merger process of SBI's five Associate Banks with SBI, completing one of the largest banking integration exercises in India within a year.
Post-Retirement Roles:
- Chief Executive of Indian Banks' Association (IBA) from December 2016 to December 2019
- Advisor to large international investment fund specializing in stressed asset investments (November 2019 to March 2023)
- Chair of RBI-appointed Committee on ATM Interchange Fees (2019)
- Member of RBI Committee on Creation of Secondary Market for Corporate Loans (2018)
- Permanent External Expert Member of Regulatory Oversight Committee of National Stock Exchange (2018 to 2024)
Management Commentary
Mr. Manu Singh, Chief Executive Officer of Aavas: "We are pleased to welcome Mr. Kannan to the Aavas Board as its Chairperson and Independent Director. His exceptional leadership pedigree and deep experience in banking, governance, risk management and financial services will be a tremendous asset to the Company as we continue to strengthen our institutional foundations, deepen our governance framework and advance our long-term growth strategy."
Mr. Vellur Gopalaraghavan Kannan: "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. I look forward to working closely with the Board and management to support the Company's sustainable growth and its continued commitment to all stakeholders."
Mr. Sandeep Tandon: "It has been a privilege to serve as the Chairperson and Independent Director of Aavas and to witness the Company's remarkable growth and evolution. I leave with great confidence in the strength of its Board and the management team. I extend my warm wishes to Mr. Kannan, whose distinguished experience and leadership will be a valuable asset to the Company."
Company Background
Aavas Financiers Limited, incorporated in 2011 in Jaipur, is a retail, affordable housing finance company primarily serving low- and middle-income self-employed customers in semi-urban and rural areas in India. The Company's product offering consists of home loans for purchase or construction of residential properties, extension and repair of existing housing units, loan against property, and MSME loans.