MUMBAI: ECL Finance has just swapped gears in its leadership engine. As of 1 April 2025, Ajay K. Khurana officially took charge as managing director, armed with four decades of no-nonsense banking muscle and a mandate to turbocharge the company’s pivot to MSME lending. Following the Reserve Bank of India’s nod, ECL has pulled the trigger on a leadership move that blends governance grit with digital flair.

Khurana isn’t just another pinstripe suit in a boardroom. With heavyweight stints at Bank of Baroda, Syndicate Bank and Vijaya Bank, he’s been elbows-deep in consumer banking, risk management and digital transformation. He’s also no stranger to shaping the financial plumbing of the country, having served on boards like NPCI and Indo Zambia Bank, and chaired Baroda Global Shared Services and Baroda Sun Technologies to push tech-led banking upgrades.

ECL Finance is currently steering its strategy away from its old-school wholesale roots. Over the last five years, the company slashed its wholesale lending book by a staggering 85 per cent and trimmed its debt by 80 per cent, opting instead for a leaner, cleaner, retail-focused model. Now, it's going all-in on asset-light MSME lending, betting on agility over bulk.

With Khurana at the helm, the game plan is clear: scale sustainably, innovate boldly, and bring some digital dazzle to the often-boring world of finance. And given his track record, it looks like ECL Finance may finally be ready to play offence rather than just defence.