The board of Aavas Financiers has appointed Manu Singh as the managing director and chief executive officer of the company with effect from April 21, the company informed the exchanges on Monday. He will succeed Sachinder Bhinder, who resigned due to personal and professional commitments.

Singh’s appointment is subject to approval from the shareholders and Reserve Bank of India. The company said that Bhinder would continue in a role as a senior advisor to the company. Under his leadership, Aavas delivered stable performance with improving operating momentum.

For the quarter ending March 31, disbursements grew by 36% quarter on quarter and 16% year-on-year, reflecting stronger execution across the branch network. Asset quality remained robust, while the company continued to expand its distribution footprint, adding 38 branches during the year to reach 435 branches across the country.

Sandeep Tandon, Chairperson of Aavas said, “…the Board believes that Aavas is ready to enter the next phase of scalable growth. Manu Singh brings relevant sector expertise, operating experience and leadership capabilities, and we look forward to working with him as Aavas builds on the strong foundation already in place.” Previously, Singh was the president – business head, housing finance for Kotak Mahindra Bank.