Mumbai: Indiabulls Housing Finance Ltd said it has appointed a chief risk officer and complied with norms of National Housing Bank (NHB), the housing finance sector regulator.
“In compliance with NHB/ND/DRS/Policy Circular No. 95/2018-19 dated 29 May, 2019 issued by NHB, we wish to inform that Naveen Uppal, has been appointed as Chief Risk Officer (CRO) of the company, for a period of three years, with effect from 17 June, 2019,” the company said in a notice.
Naveen Uppal will directly report to the vice-chairman, managing director and CEO of the company or the board-constituted risk management committee of the company.
Uppal has over 23 years of experience in operations, audit and credit risk within the finance industry and has been associated with Indiabulls Housing Finance for 12 years and presently heads risk and compliance, the company said in its notice.
“In the past Uppal has also managed the operations department of the company. Prior to his association with the company, he was associated with ICICI Bank as its zonal operations head,” the notice said.
On 16 May, the Reserve Bank of India (RBI) asked non-banking financial companies (NBFCs) with assets of more than ₹5,000 crore to appoint a chief risk officer (CRO). The central bank said that with the increasing role of NBFCs in direct credit intermediation, there was a need for NBFCs to augment risk management practices.
RBI’s move came in the wake of ongoing rating downgrades of non-banks which has raised fears of another liquidity crisis. While RBI’s circular pertained to CROs in non-banking financial companies (NBFCs), NHB issued a similar circular for housing finance companies on 29 May.