CASHe appoints former MD & CEO of Bank of Baroda as Non-executive Director

By Leandra Monteiro

CASHe, an Indian AI-driven financial wellness platform, announced the appointment of Mr. P.S Jayakumar, the former Managing Director and Chief Executive Officer of Bank of Baroda, as a non-executive director with effect from July 5, 2022. He has been appointed to the board of Aeries Financial Technologies, the holding company of CASHe’s NBFC arm.

A Chartered Accountant by qualification, Jayakumar also holds a Post Graduate Diploma in Business Management from XLRI Jamshedpur. He also has the distinction of being a Chevening Gurukul Scholar through the London School of Economics and Political Science.

He is a veteran banker with an extensive experience of close to four decades and is widely recognised for his pioneering work in the digital transformation of the retail financial industry. Following his selection by the Government of India in 2015, Jayakumar served at the helm of Bank of Baroda, as its MD & CEO for four years, including a year’s extension to the initial three-year term.

Acknowledged as the first thoroughbred private banker to head a state-run bank, Mr. Jayakumar is credited for successfully steering the bank’s transformation journey across all aspects – business, digital and technology, compliance and controls, organization and people. During his tenure at Bank of Baroda, he successfully completed a three-way amalgamation between Bank of Baroda, Vijaya, and Dena Bank to create the third-largest lender and second largest public-sector bank in the country. Prior to Bank of Baroda, Mr. Jayakumar spent over 23 years with Citibank across India and Singapore markets, starting in 1986.

CASHe recently announced its foray into the wealth management space with the acquisition of Sqrrl, a Gurgaon-based wealth-tech platform. Additionally, it also launched an industry-first credit line service using its AI-powered chat capability to provide customers seamless access to instant credit line on WhatsApp.

On the operational front, the company announced that it has crossed the significant milestone of having disbursed 1.2 million loans worth INR 4,000 crore and is eyeing fresh disbursals worth INR 3,600 crores in FY22-23, projecting a cumulative loan disbursement of INR 7,600 crores (1Billion USD) by end of this financial year.