Sarada Kumar Hota, managing director (MD) and chief executive officer of Can Fin Homes has been appointed as the MD of National Housing Bank.
Prior to this, Hota has served as the managing director of Can Fin Homes, a subsidiary of Canara Bank.
His appointment comes nearly nine months after former MD Sriram Kalyanaraman stepped down.
The Appointments Committee of the Cabinet (ACC) gave nod to the appointment of Hota for a period of 3 years as the MD of the housing finance regulator. His appointment has come at a time when the housing finance sector is going through a rough phase due to a liquidity crunch sparked off by a series of defaults by IL&FS group companies.
Since Kalynaraman was forced to resign in August 2018, NHB had been headless. Kalynaraman was asked to step down amidst allegations of irregularities and misconduct.
Dakshita Das, additional secretary in the finance ministry, was holding additional charge as the MD of NHB. Ashwani Kumar Tripathi, a former adviser in the Reserve Bank of India’s (RBI) Monetary Policy Department is the executive director of NHB. The other Executive Director position has been lying vacant since the retirement of R S Garg in 2017.