Ravi Narayanan Appointed CEO of SMFG India Credit Amid Strategic Leadership Overhaul

In a significant development for the Indian non-banking financial sector, Ravi Narayanan, former Group Executive at Axis Bank, has been appointed CEO of SMFG India Credit, according to sources familiar with the matter. This marks a pivotal leadership change since Sumitomo Mitsui Financial Group (SMFG) acquired Fullerton India Credit in 2021.

Leadership Restructuring at SMFG India Credit

The appointment of Ravi Narayanan is seen as the first major leadership overhaul at SMFG India Credit since its acquisition by the Japanese financial giant, SMFG. Narayanan, who previously led retail liabilities, branch banking, and products at Axis Bank, brings with him extensive experience in India’s retail banking landscape.

While the company has yet to issue an official confirmation, sources suggest that Narayanan is set to take charge before the interim leadership committee’s tenure ends, marking a shift from relying solely on Fullerton’s legacy leadership.

Background: SMFG’s Acquisition and Transition

SMFG acquired a 74.9% stake in Fullerton India Credit in November 2021 and later increased it to 100% in May 2024, marking its complete takeover. Initially, Shantanu Mitra, the then MD & CEO, was reinstated along with his previous leadership team.

Mitra’s leadership helped ensure continuity post-acquisition, but his resignation in June 2025 led to the formation of a temporary three-member executive committee tasked with running operations for a period of 90 days.

Significance of Ravi Narayanan’s Appointment

The appointment of Ravi Narayanan, who has no prior affiliation with Fullerton India Credit, signifies SMFG’s new strategic direction. It is the first time an external candidate has been chosen for a top executive role at the company. Industry insiders view this as a clear shift toward a more SMFG-driven operational model, aiming for integration and long-term growth under a new leadership paradigm.