Non-banking finance company DMI Finance Pvt Ltd has appointed Gurcharan Das as an independent director.
Das has worked on the global advisory boards of Wal-Mart and Mars, and the Indian advisory boards of BNP Paribas and LG. He is former CEO of Proctor & Gamble (India) and author of the bestsellers India Unbound and The Difficulty of Being Good. Das is also a board member of Birla SunLife.
DMI Finance was set up in 2008 by former Citigroup executives Shivashish Chatterjee and Yuvraja C Singh.
“Regulatory provisions, which have largely kept Indian banks out of trouble in the global turmoil, have also had the unintended consequence of hindering market efficiency. Private borrowing has been ‘crowded out’ by the government, resulting in a restriction of funds to the non-priority sectors,” said Singh.
The company has started its lending operation in April 2009 and currently has a portfolio of more than 20 customers. It has around $100 million of capital and aspires to be a leading debt market player in India.
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