Mumbai, 26th March 2022: Capsave Finance Pvt. Ltd., a systemically important non-banking finance company (NBFC) providing leasing and financing solutions announced the appointment of Messrs ADM Chavali and Abraham Chacko to its Board of Directors.
“We welcome Mr. Chavali and Mr. Chacko to the Board of Directors of Capsave Finance, and we are eager to work with them to strengthen our book to become one of India’s leading non-banking finance companies,” said Jinesh Jain, CEO of Rent Alpha, parent of Capsave Finance. “Mr. Chavali brings with him a stellar track record of exemplary corporate governance over his multi-decade banking career.” Jinesh Jain adds, “Mr. Chacko’s extensive financial services, banking and directorship experience will help strengthen our processes and corporate governance as we enter into the next phase of growth”.
“I look forward to serving on the Board of Directors of Capsave Finance and I hope to contribute to its continued growth,” said Mr. Chavali. “The work ethic of the management team and the consistent growth of the business is admirable.” Mr. Chacko further adds, “It is a privilege to serve on the Board of Directors of Capsave Finance. The company’s history of growth and stellar performance even during the pandemic speaks volumes about the management team.”
Capsave Finance is a 100 percent subsidiary of Rent Alpha, founded in 2014 by a team of leasing professionals with cumulative operating lease origination experience of $1.5 billion and a portfolio of $300 million with top notch clients. Rent Alpha has partnered with original equipment manufacturers and vendors such as Lenovo, Apple, Agilent, AGS, Western Refrigeration, Doosan Bobcat and others.
Mr. Chavali has had a storied career in banking over four decades with experience in industrial finance, treasury, investments, asset management and risk management. He has previously served as the Managing Director for Bank of Baroda AMC and later as Executive Director of Indian Overseas Bank. His
His most recent assignment was as a member of the Advisory Board for Banking and Financial Frauds set up by the Central Vigilance Commission.
In addition to his new position on the board of Capsave Finance, Mr. Chavali is also an independent director of Kalyan Jewellers India Ltd and Indian Immunological Ltd.
Mr. Chacko had a distinguished 38-year career in banking in India and abroad. After 14 years with HSBC in India in varied roles, he spent 19 years with ABN AMRO – in Dubai as Dy CEO UAE, Country Manager Sri Lanka and Executive Director and regional head Asia Middle East and Africa for Trade Sales based in Singapore of which 2 years was with RBS.
He returned to India in 2011 and spent 4 years as the Executive Director of The Federal Bank. In addition to his new position on the board of Capsave Finance, Mr. Chacko also serves as an Independent Director on the boards of Liberty Insurance, India Ratings and Research, Muthoot Finance , Dia Vikas Capital Pvt Ltd and Jana Holdings ltd.
An alumnus of Don Bosco School and St. Xaviers College in Kolkatta, Mr. Chacko has also received an MBA from XLRI, Jamshedpur.
“A focus on business processes, strong corporate governance and cultivation of decade long business relationships is a clear indication of a successful business with strong growth potential” Bharat Bhise, founder and CEO of Bravia Capital, majority owner in Capsave Finance’s parent company, Rent Alpha. “I am certain that Mr. Chavali and Mr. Abraham will help guide the board of Capsave to strengthen existing processes and relationships whilst cultivating new ones to optimise Capsave’s growing business. I look forward to seeking their counsel, especially since the company is poised to significantly enhance its presence in India’s leasing market .”