Fullerton India appoints Deepak Patkar as the CEO, Grihashakti

Bangalore, September 8, 2022 – Fullerton India Credit Company Ltd. (‘Fullerton India’, ‘FICCL’), one of the leading NBFCs of the country, today elevated its Chief Risk Officer, Deepak Patkar to Chief Executive Officer, Fullerton India Home Finance Co. Ltd (‘Grihashakti’, ‘FIHFC’). Dhananjay Tiwari now takes over from Deepak Patkar as Chief Risk Officer, FICCL.

In his last role as Chief Risk Officer for FICCL, Deepak established a strong balanced culture of business enablement with prudent risk measures, strongly backed by analytics. He comes with extensive experience in Business development, Enterprise Risk Management, Credit Policy design, Collections, Operational and Fraud Risk Management, Analytics, Internal Audit and Sales. He was one of the early members at Fullerton India team since 2007.

Nobuyuki Kawabata, Chairman of the Board of Directors, said, “We at Fullerton India are taking multiple initiatives that aid growth and transformation, including strengthening of the leadership team. I believe that appointment of Deepak Patkar will add further impetus to the achievement of our strategic goals and demonstrate our commitment towards India’s housing finance market.”

Speaking on the appointment of Deepak Patkar as CEO, Grihashakti, Shantanu Mitra, Chairman & Non-Executive Director, Grihashakti said, “Deepak has played a crucial role in driving transformational changes in various segments of the company in his earlier assignments. He brings remarkable value to Grihashakti, with more than 20 years of experience in the BFSI sector. We are confident that his impactful leadership will take the company to greater heights and expand our market coverage, with continued focus on affordable housing finance for our customers.”

Speaking on the appointment, Deepak Patkar as CEO, Grihashakti, said, “I am grateful to have such an amazing journey at Fullerton India and thankful for the confidence shown in me by the Board. The opportunity to grow Grihashakti excites me immensely and we hope to see it as one of the top players in the housing finance space. Serving customers in the affordable housing segment in the best way possible will continue to be our primary goal.”

Grihashakti has shown robust growth over the last 4 quarters across all key parameters including branch network, employee strength and disbursals. Its disbursement grew from Rs.588 crores in FY’21 to Rs.1287 crores in FY’22, a 130% growth YoY. The company continues to focus on expanding its geographical footprint, diversifying the sourcing model and digitising its operations.

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