Punjab National Bank (PNB) Housing Finance Limited has appointed Ajai Kumar Shukla as its Managing Director and Chief Executive Officer, effective immediately. The move, approved by the bank’s board and pending regulatory nods from the Reserve Bank of India (RBI), signals a strategic push to capitalise on India’s surging residential mortgage demand.
Shukla, a seasoned banking veteran with over 35 years of experience, steps into the role succeeding Anil Kumar Goel, whose tenure ends this month. Previously, Shukla served as Executive Director at Union Bank of India, where he spearheaded retail banking, MSME lending, and digital transformation initiatives. His track record includes expanding loan portfolios by 25% annually and launching innovative fintech-driven products during his stints at State Bank of India (SBI) and Canara Bank.
Under Shukla’s leadership, PNB Housing Finance aims to strengthen its position in the competitive HFC landscape. The company, a subsidiary of public sector lender PNB, reported a robust 28% year-on-year growth in its Assets Under Management (AUM) to ₹75,000 crore in Q2 FY26, fueled by rising homebuyer aspirations and government-backed PMAY schemes. Shukla’s priorities will likely focus on affordable housing segments, rural expansion, and tech-enabled underwriting to tap into the projected $30 trillion housing opportunity by 2030.
Industry experts hail the appointment as timely. “Shukla’s expertise in retail credit and risk management aligns perfectly with RBI’s push for prudent lending in NBFC-HFCs,” said Rajesh Mirakhur, former SBI executive. This comes amid sector tailwinds, including RBI’s recent repo rate cuts and eased ECB norms for housing finance.
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PNB Housing Finance shares rose 3.2% in early trade following the announcement, reflecting investor confidence. With Shukla at the helm, the firm is poised to navigate regulatory shifts and fuel India’s homeownership drive.
