SMFG India Credit puts order before growth, expansion

SMFG India Credit has entered a reset moment.

- Anshika Kayastha & Shayan Ghosh

Ravi Narayanan, MD & CEO, SMFG India Credit.

Months after its leadership change and the parent’s deeper push into Indian financial services, the non-bank financier’s new chief Ravi Narayanan has made one thing clear: before growth or product expansion, the house must be put firmly in order.The priority is to overhaul compliance and corporate governance standards to meet the expectations of both the Indian regulator and its Japanese promoters.

“There are group governance and expectations, thresholds, etc. The idea is to ensure that we wed ourselves completely to those expectations first,” managing director and CEO Narayanan told Mint in an interview. “The i’s will be dotted and t's will be crossed over the next 45-60 days.”

Earlier known as Fullerton India Credit Co. Ltd, which began operations in 2007, the non-banking financial company (NBFC) was acquired by Sumitomo Mitsui Financial Group (SMFG) in two tranches between 2021 and 2024.