VMPL

New Delhi [India], July 23: India Mortgage Guarantee Corporation (IMGC), India's first mortgage guarantee company regulated by the Reserve Bank of India, today announced the appointment of Mr. Rajesh Sud, a veteran financial services leader who has spent over three decades building and leading some of India's largest financial institutions, to its Board of Directors.

The appointment brings significant domestic governance and financial services expertise to IMGC's Board and marks an important milestone as the company strengthens its role in expanding access to housing finance, enhancing risk-sharing mechanisms for lenders, and enabling responsible early homeownership. Since commencing operations, the firm has facilitated more than 45,000 crore of home loan guarantees, supporting over 150,000 homebuyers across more than 400 locations nationwide.

India is among the world's largest and fastest-growing housing finance markets, with rising urbanisation, a significant affordable housing deficit, and a growing middle class creating strong demand for mortgage guarantee solutions. Backed by global shareholders including Enact MI, Sagen, the International Finance Corporation and the Asian Development Bank, IMGC combines international institutional strength with deep domestic expertise -- expertise that Rajesh Sud, one of the architects of India's private financial services industry, further deepens.

Mr. Rajesh Sud brings nearly three and a half decades of experience across banking, NBFCs, and insurance. A founding member of Max New York Life Insurance (now Axis Max Life Insurance), he served as its CEO and Managing Director from 2008 to 2018, building it into India's fourth largest private life insurer. He chaired Max Bupa Health Insurance and, as Managing Director - Financial Services at Bharti Enterprises (2019-2024), oversaw Bharti AXA Life and General Insurance and served on the Board of Airtel Payments Bank. He currently chairs Stride Fintree Private Ltd and is Managing Partner of Atisaya Partners LLP. He began his career at Bank of America and held leadership roles at ANZ Bank.

Welcoming Rajesh Sud to the Board, Rohit Gupta, President, CEO & Director of Enact Holdings, Inc. said: 'I am delighted to welcome Rajesh Sud to the IMGC Board. Rajesh is one of the most respected figures in Indian financial services, with an exceptional track record of building and scaling institutions that have shaped the country's insurance and banking landscape. His deep understanding of the Indian market, combined with his proven leadership in governance and institution-building, will be invaluable as IMGC enters its next phase of growth. I look forward to working closely with him to strengthen IMGC's governance and advance its mission of building a more inclusive and resilient housing finance ecosystem in India.'

Commenting on his appointment, Rajesh Sud said: 'Housing finance remains a critical enabler of economic development and financial inclusion. IMGC occupies a unique position within the ecosystem by helping lenders extend credit responsibly while expanding access to housing. I am pleased to join the Board and look forward to working with the management team and fellow directors to support the company's continued growth and long-term vision.'

About India Mortgage Guarantee Corporation (IMGC)

IMGC is India's first mortgage guarantee company (incorporated in 2012). IMGC is regulated by the Reserve Bank of India's (RBI) guidelines for mortgage guarantee companies (2008). Born out of a vision for making housing affordable, its primary objective is risk mitigation for lending institutions by providing a backstop against credit defaults. IMGC currently has Enact Holdings, Inc.,, Sagen, National Housing Bank, International Finance Corporation, and Asian Development Bank, as its shareholders. It provides mortgage guarantees on retail home loans to various mortgage lenders.

Since commencing operations in 2014, IMGC has facilitated more than 45,000 crore of home loan guarantees, supporting over 150,000 homebuyers across more than 400 locations nationwide. The company partners with leading banks, housing finance companies and NBFCs to expand access to mortgage finance while strengthening lenders' risk management capabilities.

Find out more at www.imgc.com

For further information, please contact:

Ms. Harpreet Sandhu

[email protected]/

IMGC Ms. Parminder Panesar/Alpesh Nakrani

99870-12340/98691-21167

[email protected]/[email protected]

BlueQuill Communications

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