Vijay Deshwal Magma Fincorp Group CEO

Vijay Deshwal as Magma Fincorp Group CEO; which was acquired by Poonawalla

Vijay Deshwal Magma Fincorp Group CEO: Vijay Deshwal will be in charge of the company’s lending and housing finance businesses, as well as its insurance operations, in his new post. He will work out of the company’s Pune headquarters.

Vijay Deshwal is a seasoned banker with a two-decade track record, having graduated from the Indian Institute of Management Ahmedabad (IIMA). He has worked in the banking, corporate finance, international business, and operations sectors.

He has an outstanding track record of expanding organisations through a customer-centric and profit-driven approach.

Vijay Deshwal was previously the head of ICICI Bank’s debt syndication division.

Vijay’s last position was as a Company Head at ICICI Bank, where he was in charge of the fast-growing services sector business, which included new age enterprises centred on technology and digital intervention.

Vijay has a broad grasp of numerous asset classes and the cyclicality of these companies, having worked with pan-India financial institutions, including NBFCs, for over six years.

He was also in charge of developing and implementing the Bank’s liability strategy for the Corporate Ecosystem.

He spent over five years as the head of ICICI Bank’s debt syndication division and brings with him a wealth of expertise in debt capital markets and large fund raising from domestic and international investors.

Magma Fincorp appoints Vijay Deshwal as its new Group CEO.

“It’s great to have Vijay Deshwal on board. Abhay Bhutada, Managing Director, Magma Fincorp, stated, “His broad expertise and rich experience across different sectors of banking and financial services will drive the transition and launch a new era of growth under the Poonawalla brand.”

Please visit for further details.

“I sincerely thank the Poonawalla group for entrusting me with this big responsibility amid the shifting times for the financial services sector in India,” Vijay Deshwal said of his appointment. It’s an honour to be a part of the group, and I’m looking forward to working with the teams to build a customer-focused institution that delivers value to shareholders.”

In May 2021, Poonawalla Group bought a 60 percent share in Magma Fincorp through its parent company Rising Sun Holdings.