CRED ropes in former SBI MD Sriram as independent director

B. Sriram, Independent Director, CRED

Kunal Shah-led fintech firm CRED has roped in State Bank of India's former Managing Director B. Sriram as its independent director, the firm announced on on July 5.

As part of the board, Sriram will provide guidance and counsel for the company’s long-term strategy, growth plans, and execution roadmap.

"I resonate with CRED’s vision of creating an ecosystem of trust and promoting responsible financial behavior. I look forward to working with Kunal and the teams at CRED in furthering this vision," said B. Sriram.

In his previous roles, Sriram served as Managing Director at the State Bank of India, IDBI Bank, and State Bank of Bikaner & Jaipur. He has also held board positions in various subsidiaries of SBI including SBI Life Insurance, SBI General Insurance, SBI DFHI, SBI Global Factors, SBICap Securities, and SBI Cards & Payment Services.

Sriram is also currently an independent director on the boards of ICICI Bank, National Bank for Financing Infrastructure and Development, TVS Credit Services.

“I am delighted to welcome Sriram to our board as we scale and prepare for our next growth phase. His domain expertise in the financial sector will be invaluable for us as we innovate and build products for the top 10% of Indians," Kunal Shah, Founder, CRED said in a media statement.

The development comes at a time when Indian fintech firms are roping in former executives at the Reserve Bank, SEBI and other lenders as advisory board members or senior executives and independent directors. This is being done with an aim to build bridges with the regulatory authorities as well as to strike key partnerships with large banks.

In the last three months itself, some of the top fintech firms have announced setting up an advisory board which is headed by a former RBI or SEBI executive.

In April, Razorpay set up an Advisory Board and appointed Former Deputy Governor, the Reserve Bank of India, N. S. Vishwanathan as the chairperson. Arijit Basu – Chairman, of HDB Financial Services & Former MD, of State Bank of India was roped in as a member.

MobiKwik, a digital banking platform, set up an advisory board by roping former SEBI Executive Director and IRDAI member, Radhakrishnan Nair and former MD & CEO of SBI Cards & Payments Services and PNB Housing Finance Limited, Hardayal Prasad as members of the board.