Jagdeep Mallareddy, who is currently the head of retail lending at Piramal Finance, will soon join IndusInd Bank. He will be in charge of the bank’s consumer (retail) finance business, which includes loans, deposits, and other products for individual customers.
IndusInd Bank’s new CEO, Rajiv Anand, wants to grow the retail business because it provides stable and long-term growth. Mallareddy was personally chosen by Anand as this role is critical for the bank’s future. This is a very senior role, and Mallareddy may later be promoted to Executive Director in charge of retail banking.
Anand has said that retail loans will be the main source of growth for the bank in the coming years. He also wants the bank to collect more deposits from individual customers, such as savings and fixed deposits, rather than depending heavily on large corporate deposits, which can be unstable and move quickly.
