Former SBI CFO Charanjit Attra joins Jio Financial Services as COO

JFS is the newly demerged financial services arm of Mukesh Ambani-led Reliance Industries

Charanjit Singh Attra, who recently stepped down as Chief Financial Officer of the country's largest lender SBI, has joined Jio Financial Services (JFS) as the Chief Operating Officer.

JFS is the newly demerged financial services arm of Mukesh Ambani-led Reliance Industries.

Attra has updated his LinkedIn profile reflecting the key move. He had stepped down from SBI after a stint of 2 years and 8 months.

On August 31, 2020, Moneycontrol was the first to report that Attra, an EY Partner, was headed to SBI as CFO, in a rare lateral hire from the private sector by the PSU lender for a C-suite position. Attra joined the firm later on October 1.

A closer look at the new JFS COO

Prior to SBI, Attra, a chartered accountant who specializes in Indian GAAP (Generally Accepted Accounting Principles), US GAAP,  International Financial Reporting Standards (IFRS) and Securities and Exchange Commission (SEC) regulations, was an ED & Global CFO at IT firm 3i Infotech and CFO and Head – Structured Finance Group at ICICI Securities.

He has worked with the ICICI Bank group for more than 12 years in the areas of Investment banking, finance (raising of both equity and debt), commercial and retail banking, financial accounting and operations, according to his LinkedIn profile.

He has been nominated on various committees of the Institute of Chartered Accountants of India (ICAI) and the Reserve Bank of India (RBI) and he also was a special invitee on the National Advisory Committee on Accounting Standards set up in the Ministry of Company Affairs, his profile stated.

Also Read: Jio Financial Services discovered price at Rs 261.85 per share, what next?

The JFS entry

Earlier this month, Hitesh Kumar Sethia, a former executive of McLaren Strategic Ventures and ICICI Bank, was appointed as the MD & CEO of JFS. Veteran banker KV Kamath is the Non-Executive Chairman of the firm. Additionally, Isha Ambani and Anshuman Thakur have been appointed as Non-Executive Directors.

Last year, Mukesh Ambani, Chairman and Managing Director (CMD) of RIL, had stated, "JFS will be a truly transformational, customer-centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians. JFS will be a technology-led business, delivering financial products digitally by leveraging the nationwide omnichannel presence of Reliance's consumer businesses. JFS is uniquely positioned to capture multiple growth opportunities in financial services bringing millions of Indians into formal financial institutions."

Note For Readers: Corporate Crossings is a series from Moneycontrol that will focus the lens on important executive movements within companies and in the industry, and capture the exits and new innings of members of India Inc., investment bankers, lawyers, Big 4 professionals and private equity investors.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.