In the realm of Indian non-bank finance, speculation is rising over whether SMFG India Credit will steer its focus from aggressive lending toward strengthening its liability side. The shift appears timely, following recent leadership changes and broader strategic moves within the Sumitomo Mitsui Financial Group’s operations in India.
Ravi Narayanan took over as the new Chief Executive Officer of SMFG India Credit on August 28, 2025, following the retirement of Shantanu Mitra in June. Mitra was widely respected for his expertise in growing lending businesses, while Narayanan is noted for his background in liability management. 
This leadership transition comes amid SMFG’s ongoing engagement with Yes Bank, hinting at more than just a change at the helm.  Financial analysts believe that balancing both lending (for growth and revenue) and liabilities (for liquidity, risk mitigation, and sustainable operations) is essential for a robust NBFC. Overemphasis on one could expose vulnerabilities or limit expansion. 
SMFG India Credit’s growth metrics underscore its strong performance under prior strategy: its Assets Under Management (AUM) rose to Rs. 57,000 crore by March 31, 2025—up from Rs. 45,441 crore a year earlier. Growth was especially driven by urban finance, digital channels, and the housing segment. 
The coming months will be closely watched. Will Narayanan’s tenure bring a greater emphasis on liability structures—such as stable funding sources and repayment discipline—or will lending remain the primary growth engine? Only time will tell if the changed course will pay off.
(With inputs from newsfeed)
