PNB Housing Finance Limited announces that in light of the end of his term coming up on May 4, 2020, Sanjaya has today stepped down from his active duties and from his role as Managing Director and CEO of the Company. The Board has initiated a process to find a new Managing Director and CEO. During the search period, the Board has appointed Neeraj Vyas, who until now was an Independent Director of PNB Housing Finance, to assume the role of interim MD and CEO until a successor is appointed.

Neeraj Vyas is a senior banking professional with over 36 years of experience in banking across a range of diverse functions in both India and overseas. He was inducted into the PNB Housing Finance Board in 2019 and has also been a member of the Credit committee of the Board of PNBHF since then. Vyas joined the Company's board after retiring from his position as Deputy Managing Director and Chief Operating Officer (COO) of State Bank of India (SBI).

During his tenure as COO and the Head of Operations for SBI, he was responsible for managing the nation's largest banking network of over 22,000 Branches, 58,000 ATMs, over 52,000 Business Correspondent (BC) relationships and over 260,000 personnel deployed nationwide, through its sixteen Local Head Offices. Prior to that he held key senior positions at SBI including heading the team that led the conceptualization, planning and execution of the merger of five associate banks of SBI as well as Bharatiya Mahila Bank Ltd. into SBI, a massive project spanning complex technology, business process and human resource challenges. Under his leadership, this project was implemented in a record time of less than 9 months while ensuring business and operational continuity for all stakeholders during the transition.

Neeraj Vyas said, ''PNBHF is an excellent well-respected housing finance company which has earned the trust of its customers across the country. The company has a strong professional management team and I look forward to working closely with them.''

Shares of the company declined Rs 1.25, or 0.62%, to settle  at  Rs 201.15.  The total volume of shares traded  was  46,390 at  the BSE (Wednesday).