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"As a group we look forward to his guidance on the integrated financial services portfolio of Religare given his deep and incisive understanding of the banking industry in India," Sunil Godhwani, chairman and managing director of Religare Enterprises, said in a statement.
The appointment appears to be in line with Religare's strategy to apply for a new banking licence. The Reserve Bank of India (RBI) has released the final guidelines on entry of new banks last month.
Mahajan has over three decades of experience in the banking industry. Between 2006 and 2008, he was the chairman and managing director of Kolkata-based Allahabad Bank. He took charge of Canara Bank for two years in 2008. He was earlier executive director of Bank of Baroda.
Mahajan is currently chairman of the governing council of Banking Codes and Standards Board of India. He also serves as an independent director on the boards of Hindustan Petroleum Corporation, Management Development Institute, Himvati Power Company, Lanco Babanth Power and IDBI MF Trustee Company.
