The National Housing Bank has started an investigation into Aavas Financiers for issues with loan classification. The regulator recalled refinancing support of nearly Rs 500 crore, prompting a leadership overhaul at the company.
The sector regulator's action has led to significant changes at the housing finance firm. Reports indicated that managing director and CEO Sachinder Bhinder was asked to step down, with Manu Singh, former home loans head at Kotak Mahindra Bank, positioned to take over.
On April 20 the company confirmed Bhinder's resignation and Singh's appointment as the new CEO.
