Down Reminiscence Lane
Srinivasaraghavan has been a Sundaram Finance lifer.
As a 28-year-old banker, whereas he was toying with the thought of changing into a college trainer, he got here throughout a newspaper commercial for the job of a advertising and marketing supervisor at Sundaram Finance. He utilized and joined the corporate in 1983, leaving his instructing plans behind.
On the time, Sundaram Finance was a pure industrial car financier. Within the early Eighties, it entered the lease financing enterprise. It was the primary time that this was taking place in India, Srinivasaraghavan says. “So, I got here to Sundaram Finance, to hitch, what may have then be termed as an thrilling startup alternative.”
For his first 11 years on the firm, Srinivasaraghavan spent his time constructing the idea of lease financing and serving to increase the Chennai-focused model to different components of the nation.
“It was round then, in 1998, that I used to be elevated to the board because the deputy managing director and was given accountability past leasing, to have a look at the general lending operations of the corporate, a big a part of which was nonetheless industrial car financing,” he says.
Alongside the best way, got here the numerous bumps that India’s NBFC sector has seen.
In 1996, emerged the CR Bhansali scam. CRB Capital Markets collapsed after allegation of embezzlement of practically Rs 1,000 crore in deposits. This led to tighter rules from the Reserve Financial institution of India and elevated scrutiny from the Securities and Trade Board of India.
The disaster prompted Sundaram Finance to search for methods to diversify its operations additional. “This was additionally a time once we realised that our buyer’s wants have been rising dramatically. So, we checked out diversification,” says Srinivasaraghavan.
In 1996, the corporate arrange its asset administration firm, Sundaram Newton Asset Administration Firm Pvt. In 1999, it entered the housing finance phase. And, in 2000, it launched India’s first non-public sector normal insurance coverage firm in partnership with UK-based Royal & Solar Alliance Insurance coverage plc.
On Aug. 11, 2003, as the corporate celebrated its golden jubilee, Srinivasaraghavan was elevated to the place of the managing director of Sundaram Finance. His focus was to maneuver the corporate from being a pure-play industrial car financing agency to a full-range car financing firm.