The Company

PNB Housing Finance Limited (PNBHFL) is a registered housing finance company with National Housing Bank (NHB). It was incorporated under the Companies Act, 1956 and commenced its operations on November 11, 1988. PNBHFL is a subsidiary of Punjab National Bank (PNB), which holds 51% of share capital in the Company.

In December, 2009, it entered into a strategic financial partnership with Destimoney Enterprises Private Limited (DEPL). In February 2015, DEPL’s majority shareholder Destimoney Enterprises Limited has sold its entire shareholding to Quality Investments Holdings, which is owned by Carlyle Group, a global investment firm.

With over two decades of specialised experience in housing finance, PNBHFL has a robust network of branches spread across the country which help its customers avail financial services (loans and deposits) seamlessly.

Credit Rating of PNBHFL

Bank Loans Long Term Rating CRISIL AA+ (Stable Outlook)
Bonds CRISIL AA+ (Stable Outlook) & ICRA AA+ (Stable Outlook), CARE AAA
Commercial Paper Programme CRISIL A1+
Fixed Deposits Programme CRISIL FAAA (Stable Outlook)

PNBHFL provides housing loans to individuals and corporate bodies for construction, purchase, repair and upgradation of houses. It also provides loans for commercial space, loan against property and loan for purchase of residential plots.


Under Construction

Board of Directors

Thriving on excellence and uncompromising service standards, PNBHFL is a professionally managed organization with a board of directors consisting of distinguished personalities and professionals who have excelled in various fields including finance, taxation, insurance and statutory bodies. The board drives the vision of the company by its expertise in strategy formulation, policy and control, designed to deliver increasing value to stakeholders.

Shri Gauri Shankar
He is presently MD and CEO of Punjab National Bank
He was born on March 25, 1956. He joined Bank of India on February 28, 1977. In Bank of India he has held several important portfolios. He was branch head at Delhi, Mumbai and Bihar. He was Zonal Manager, Lucknow Zone. He was CFO and Head Strategy & Economic Intelligence Wing at Head Office; he headed Change Management Office/ Learning and Development Office; he was General Manager National Business Group (North), Asset Recovery Department. He had also worked in Singapore and headed Jakarta representative office of Bank of India.
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He joined Punjab National Bank as Executive Director on October 7, 2013. He is overseeing corporate functions of General Managers such as International Banking, IT, Transaction Banking, HRD, Training, Personnel Administration, Inspection Audit, Management Audit, Merchant Banking etc.

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Dr. Ram S. Sangapure
Dr. Ram S. Sangapure is Executive Director of Punjab National Bank. He has done Ph.D. in Economics from University of Sofia, a European University. He had started his career in banking industry with IDBI Bank. After five years in IDBI Bank, he had joined Central Bank of India as Assistant General Manager (Chief Economist). After elevation as Deputy General Manager, he was posted as Zonal Manager, Muzaffarpur.
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He had also headed Mumbai Zone - the largest zone of the bank. He was also Chairman of the largest Regional Rural Bank in India viz. Uttar Bihar Gramin Bank. Prior to taking over as Executive Director of Punjab National Bank, Dr. Sangapure was General Manager in Central Bank of India where he served in various capacities.

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Mr. Tejinder Singh Laschar : Independent Director
Mr. Tejinder Singh Laschar holds a Master's Degree in Economics, a Master's Degree in Commerce and a Post Graduate Diploma Degree in Development Policy from University of Glasgow, UK. He has also attended numerous professional courses in India and abroad, including at IMF Washington DC and Singapore.
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He joined Indian Economic Service in 1973 and superannuated as the Senior Economic Advisor, heading the Office of Economic Adviser in the Ministry of Commerce and Industry, GOI, on 30th September, 2007.

During his career, he has held several important posts- Economic Advisor in the Ministry of Chemicals and Fertilizers; Member Secretary of Working Group on Fertilizer, 10th Five Year Plan; Additional Economic Advisor, Ministry of Finance; Director, Ministry of Home Affairs. He has worked in the Banking Division of the Ministry of Finance and also in India Investment Centre. He was a full time Consultant in Institute of Public Enterprises, Osmania University, Hyderabad.

He has also been on the Board of numerous organisations, like the CMD of Hindustan Fertilizers Corporation Ltd., Director, GIC Housing Finance Ltd., PNB Principal Insurance Advisory Company, Fertilizer Corporation of India, National Fertilizers Ltd., Fertilizers and Chemicals, Travancore, Industrial Finance Corporation of India, Corporation Bank, State Bank of Indore, State Bank of Bikaner and Jaipur, Deposit Insurance and Credit Guarantee Corporation of RBI. He was also the trustee of GIC Mutual Fund for several years. He specialises in financial restructuring, capital and debt markets, foreign direct investment and macro economic issues.

At PNBHFL, he is the Chairman of the Audit Committee and Member of the Business Process Committee of the Board.

He is not paid any remuneration except for sitting fees for attending the meetings of the Board or Committee thereof. He has been appointed for a term of 5 years from 8th August 2014

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Mr. P. K. Gupta : Independent Director
Mr. P. K. Gupta holds a Master's Degree in Commerce and Bachelor's Degree in Law from the University of Agra. He started his banking career with PNB in 1971 as a probationary officer and rose to the rank of General Manager. He worked in the areas of branch banking, credit, planning and development, credit policy, investments, merchant banking, leasing and international banking. He also lead PNB's restructuring project with Boston Consulting Group as a consulting partner.
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Mr. Gupta was appointed as the Executive Director of Corporation Bank in 2001. He was elevated to the post of Chairman & Managing Director of National Housing Bank. As the CMD of NHB, he was responsible for development of healthy housing finance system on sound lines through promotional, regulatory and supportive mechanisms.

He was appointed as the Chairman & Managing Director of United Bank of India in May 2005. In addition to this, he also continued as the CMD of NHB. He took full charge of UBI from September 2005 and remained its CMD till 30th September, 2008. During his tenure at UBI, he brought a complete turnaround of its performance. The Bank, swiftly switched over to core banking solution (CBS) and the branch network got expanded from 1310 to 1428.

He had also served as the Managing Director of PNB Capital Services Ltd. and Director of PNB Gilts Ltd. and PNB Asset Management Co. Ltd. (subsidiaries of PNB). Presently, he is on the Board of Advance Enzymes technology Ltd., MSP Steel and Power Ltd., Baroda Pioneer Asset management Co. Ltd. and U V Asset Reconstruction Co. Ltd.

At PNBHFL, he is also a Member of the Audit Committee and the Appointments Committee of the Board.

He is not paid any remuneration except for sitting fees for attending the meetings of the Board or Committee thereof. He has been appointed for a term of 5 years from 8th August 2014

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Mr. S. K. Jain : Independent Director
Mr. S. K. Jain holds a Master's Degree in Arts from the University of Punjab. He is also an MBA from the University of Indiana, USA (Dean's List) and a Fulbright scholar. He was an elected member of Beta Gamma Society.

He retired from Citibank in June 2000 after working for more than 31 years. He held the post of Senior Credit Officer for more than 18 years.
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Apart from his tenure in India, he also spent many years working with Citibank in Hong Kong, Taiwan, Philippines, Thailand and Canada. As a division Credit Officer for North Asia (Philippines, HK, Taiwan, Korea, China), he managed the portfolio under high level of volatility and uncertain macro-economic scenario which resulted in significant reduction in loan losses.

He strengthened the credit infrastructure for Consumer Bank in India, including the scoring model for large volume asset products. He developed training courses to enhance understanding of risk management for relationship and operations managers.

He was the Division Credit Officer for Canada including the real estate portfolio. He developed a leading indicator framework for real estate across Canada, which was key component of the target market. He was actively involved in credit automation to enhance the use of technology in credit management process. In his last assignment in India (1993 till retirement), he played a lead role in establishing the credit discipline and process for Consumer Bank.

Currently, he is on the Board of Can Rebeco and R.S. Software India Ltd.

At PNBHFL, he is the Chairman of Credit Committee of the Board.

He is not paid any remuneration except for sitting fees for attending the meetings of the Board or Committee thereof. He has been appointed for a term of 5 years from 8th August 2014

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Shri Sunil Kaul
He is post graduate in management from the Indian Institute of Management, Bangalore and holds a bachelor’s degree in technology from the Indian Institute of Technology, Bombay.

Shri Kaul has served as president of Citibank Japan, overseeing the bank's corporate and retail banking operations. He concurrently served as the chairman of Citi's credit card and consumer finance companies in Japan. He was also a member of Citi's Global Management Committee and Global Consumer Planning Group.
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He has over 25 years’ experience in corporate and consumer banking of which more than 15 years have been in Asia. In his earlier roles, he has served as the Head of Retail Banking for Citi in Asia Pacific. He has also held senior positions in Business Development for Citi's Global Transaction Services based in New York, Transaction Services Head for Citi Japan and Global Cash Business Management Head for ABN Amro, based out of Holland.

Shri Sunil Kaul is presently the Managing Director of the Carlyle Group, advising and providing oversight for its investments in the financial services sector across Asia and other emerging markets. He is based in Singapore. He is a member of; Audit Committee of the Board, Nomination and Remuneration Committee of the Board and Corporate Social Responsibility (CSR) Committee of the Board

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Shri Devinjit Singh
He received his MBA from The Fuqua School of Business, Duke University and has a B.A. (Honours) in Mathematics from the University of Delhi. He was Managing Director and Head of Citigroup's Mergers & Acquisitions business in India. In his previous assignments of over 20 years at Citigroup, Shri Devinjit Singh advised and led several capital raisings for India's leading corporates, and worked across various functional areas including corporate banking, risk management, cash management and operations.

He joined Carlyle in 2008 and is a Managing Director focused on significant sized growth Read More capital and buyout opportunities across sectors in India. He is based in Mumbai. He is a member of Business Process Committee of the Board, Credit Committee of the Board and Marketing Committee of the Board.

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Mr. Sanjaya Gupta (Managing Director)
Mr. Sanjaya Gupta holds a Post Graduate Degree in Business Management. He is also a Fellow of the Royal Institution of Chartered Surveyors.

His professional career started with HDFC Ltd. in 1987 as a management trainee. He worked there for 16 years in various geographies at a variety of strategic and functional positions. His last assignment with HDFC was as the Head of Business Development & Distribution.
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Thereafter he worked with ABN AMRO Bank NV as India Business Head, Retail Mortgages and later got elevated as the Mortgage Operations Head for North America and other geographies. His last assignment before PNBHFL was with United Guarantee (AIG Inc.) as the Country Head for India, a joint venture of NHB, ABD and IFC Washington DC.

Throughout his career spanning over 25 years, he has significantly contributed to mortgages and allied risk management products. He has a distinction of establishing international housing finance branch operations for HDFC Ltd., which is also the industry's first. He is often consulted by the policy makers on key changes in the sector.

He is an ADB nominated Director on the Board of HDFC Plc., Maldives, and Director of India Shelter Finance Corporation Ltd.

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Corporate Governance

Under Construction

Leadership Team

Photo Business Head
Mr. Shaji Varghese has more than 17 years of experience in retail assets, liabilities and wealth management. He has been an integral contributor in setting up large successful businesses across geographies and managing high performance teams. His forte is retail distribution and managing sustainable and profitable business. Prior to this assignment, Shaji was the Senior Vice President and Business Head, Secured Assets at Indusind Bank. He has also handled assignments with leading financial institutions and banks like ABN AMRO Bank NV, ICICI Bank Ltd. and Transamerica Apple Distribution Finance Ltd. He holds Bachelor’s degree in Law (LLB) and Master’s degree in Management Science (MMS).
Chief Risk Officer
Mr. Ajay Gupta holds a Bachelor’s Degree in Commerce from University of Delhi. He is also a Chartered Accountant from ICAI.

An accomplished risk management professional with over 22 years of rich experience in credit cycle management across a diverse product group comprising SME Loans, Loan Against Property, Home Loans, Builder Finance, Construction Equipment Loans, Commercial Vehicle Loans, Business/ Personal Loans and Auto Lease. His areas of expertise include Credit Policy & Underwriting, Collection Management, Fraud Control, Risk Analytics & Portfolio Management.

Prior to PNBHFL, Ajay has worked with Religare Finvest Ltd. as Director and CRO, India Bulls Financial Services as Risk Head, and has also served  GE Money,  ANZ Grindlays Bank & Standard Chartered Bank in various roles.
Chief Centralised Operation and Technology Officer
Mr. Nitant Desai is an astute professional with more than 25 years of varied and relevant experience in retail finance with leading banks and financial institutions in India and the Middle East. He has vast knowledge in operations management, client servicing, quality & compliance and business process re-engineering.

Prior to PNBHFL, he has worked with reputed organisations like HDFC Life Insurance Co. Ltd., Union National Bank - Abu Dhabi, ICICI Bank Ltd., GE Countrywide, TATA Finance Ltd. and HDFC Ltd.
Company Secretary & Head Compliance
Mr. Sanjay Jain
is a professional with more than 24 years of experience as Company Secretary, in Corporate finance, Treasury, Regulatory compliances, Legal issues and Internal audit. He has held various positions in PNB Housing in last two decades. He is a fellow member of Institute of Companies Secretaries of India and Bachelor of Law from University of Delhi. Prior to joining PNB Housing, he has worked for seven years with a leading construction Group.
Chief People Officer
Mr. Anshul Bhargava
is a dynamic and result oriented HR professional with over 23 years of experience. He has excellent understanding and domain expertise in variety of spheres relating to human capital. He has keen interest in mentoring and training, performance management and cadre building. His last assignment was with Asset Reconstruction Company (India) Ltd. He has also served the Indian Army.
Mr. Jayesh Jain
Chief Finance Officer
Mr. Jayesh Jain
holds a Bachelor's degree in Commerce and is a fellow member of the Institute of Chartered Accountants of India. He also holds certifications from ISACA, USA on Certified Information System Auditor (CISA) and Certified Information Systems Manager(CISM).

He has 13 years of rich experience in Housing Finance Industry. Prior to joining PNB HFL, he worked with GRUH Finance Limited in various roles and was working as Chief Financial Officer since January, 2006. His main responsibilities were to oversee the management and coordination of all fiscal reporting activities of the organization, ensuring compliance with Listing Agreement, Companies Act & other Regulatory guidelines of various statutory authorities, oversee the functioning of accounts/audit department, supporting the management in financial and business reviews, feasibility studies and other financial analysis, Fund Management, Budgeting , to develop and maintain policies/process and systems of internal controls/checks. During his tenure, he also lead the Information Technology, Retail Deposits and Fraud Prevention Department.

He is a seasoned professional with experience in areas of Strategic Planning, Budgeting & Reporting, Resource Mobilization, Accounting & Auditing, Forensic accounting, IT Governance, Data Mining & Analytics and Fraud Control & Regulatory Compliance.

Financial Highlights

Having over 2 decades of experience in housing finance along with a strong & stable financial foothold, PNBHFL takes pride in being one of the largest public sector housing finance companies of India. Transparency and integrity being the pillars of its financial strength, PNBHFL believes in sharing information with all its partners in progress which include shareholders, stakeholders, customers, employees, vendors, policy planners and regulators.

pdf Q3 Results 2014-15
pdf H1 Results 2014-15
pdf Performance Highlights H1 2014-15
pdf Q1 Results 2014-15
pdf Annual Report 2013-14
pdf Financial Results 2013-14
pdf Annual Report 2012-13
pdf Financial Results 2012-13
pdf Annual Report 2011-12
pdf Financial Results 2011-12
pdf Shareholding Pattern

Core Values

People First

  • Our people are our only assets.
  • We grow talent, work inclusively with humility, continuously learn from our experience and past.
  • We empower our people.
  • We enable high performance, recognize and reward only performance.
  • We are merit driven, fair, supportive, respect each other, believe in equal opportunity.
  • We give responsibility and demand accountability.
  • We work in teams and take complete ownership of our doings. Team spirit is critical to us.
  • How can I help others ? Is our Team motto.
  • We foster spirit of belongingness. We are a great place to work.


  • Where customers feel at home, build long term relationship – 'Ghar Ki Baat'.
  • We hand hold customers over the entire relationship.
  • We have a deep understanding of the real estate developers expectations – and give solutions.
  • Our business partners are our customers too.
  • We safeguard customers' interest, give responsible advice.
  • We passionately create magic for external and internal customers. We exceed expectations.
  • We are empathetic and pro-active, We deliver” Atithi Deva Bhava”.
  • We invert the pyramid and serve the front line.
  • Our satisfied customers are our brand ambassadors.

Ethical Standards

  • We make no compromise in our professional ethics - 'We do the right things, We do things right.
  • We are transparent and compliant with the law of the land.
  • We encourage and respond to open communication.
  • We are conservative and take prudent business risk.
  • We are fearless. We raise timely alarm.
  • We manage meaningful, relevant and engaging CSR.
  • We contribute to nation's well-being.


Awards & Recognitions

PNB HFL honoured on 'Successful Completion of 25 years of Service' - 24th July 2014

PNB HFL has been felicitated on 'Successful Completion of 25 years of Service' during the event 'India's Top PSUs – Transforming India, 2014' organised by Dun & Bradstreet. The award was felicitated by former Finance Minister of India, Mr. Yashwant Sinha.

PNB HFL awarded for Excellence in Talent Management - 4th July 2014

PNB HFL has been awarded the “National Award for Excellence in Talent Management 2014” during the event -Thomas Assessments National Award for Excellence in Talent Management

PNB HFL awarded for 'Significant Contribution to Housing' by HUDCO - 25th April 2014

PNB HFL has been awarded for its 'Significant Contribution to Housing' for the year 2013-14 on the occasion of 44th Annual Day Celebrations of HUDCO.

PNB HFL bagged another award, 3rd time in a row for “Outstanding contribution to Real Estate - 19th Nov 2013

PNB HFL awarded in the category of “Outstanding Contribution to Real Estate Sector for Growth in Home Loans” during the 5th Real Estate Awards organised by Franchise India

PNB HFL recognised for Best Change Management Intervention - 2nd July 2013

PNB HFL Change Story has been awarded “Special Commendation Award” during Best Change Interventions of Asia Seminar & Awards - conferred by the “Learning & Organisational Development Roundtable”.

PNB HFL in the Exclusive club of 12 best change managed companies - 2013

PNB HFL Change intervention story got featured in Bloomsbury India's latest edition christened SWITCH.

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