Magma Fincorp Limited announced that the Board, appointed Mr. Adar Poonawalla as the Chairman of the Company. The Company has also appointed Mr. Abhay Bhutada as the Managing Director. Mr. Vijay Deshwal, a seasoned banker with a track record of over two decades, will take charge as CEO at Magma Fincorp from the first week of July 2021. He will also be the Group CEO of Poonawalla Group's financial services business. Mr. Deshwal is currently a business head at ICICI Bank, responsible for its fast growing services sector, including new age businesses. He is also responsible for driving the liability strategy for the corporate ecosystem at the Bank. Having handled pan-India financial institutions including NBFCs for over six years, Mr. Deshwal has vast understanding of various asset classes and the cyclicality of these businesses. He had previously headed debt syndication business for ICICI Bank for over five years.