Former National Housing Bank chairman Raj Vikash Verma passed away Friday at age 72. He pioneered mortgage guarantee in India and led many affordable housing initiatives. Rishi Anand said, "He was truly an institution in himself," noting how Verma mentored many. His long career left a strong foundation for finance.
Raj Vikash Verma, a leading figure in the financial sector, passed away at the age of 72. He played a crucial role in advancing housing finance and mortgage markets in India. Verma served as the chairman of the National Housing Bank and oversaw many key initiatives in the sector. His work laid the foundation for mortgage-backed securitization and affordable housing programs.
Kolkata: Raj Vikash Verma, an eminent Indian financial sector leader, corporate director and the former National Housing Bank Chairman, passed away Friday at the age of 72.
Verma, who donned many hats in his professional journey spanning over four decades in housing finance, mortgage and financial markets, breathed last in his sleep on Friday morning.
A pioneer in bringing mortgage guarantee in India and promoting reverse mortgage for seniors, Verma also anchored the government's core mandate of building the ecosystem to serve the low-income and affordable housing segments, conceptualising and executing diverse social housing programmes and financing schemes.
Verma will be known for his long-term advocacy which laid vital groundwork for mortgage-backed securitization in India, culminating in landmark industry structures like India Mortgage Guarantee Corporation in 2012.
"He was truly an institution in himself -- having spearheaded the operations of the NHB for decades and laid a strong foundation for generations to come," said Rishi Anand, managing director at Aadhar Housing Finance, where Verma was the chairman.
"Aadhar achieved several significant milestones, and we were always proud that he led us from the front. For me, this is not merely the loss of our chairman, but also of a mentor and guide who always held my hand and steered me through difficult situations," Anand stated.
Verma, the Delhi School of Economics alumnus, started his career with Reserve Bank of India and then moved to NHB where he serves in various capacities culminating as the chairman and managing director until 2014.
He had an MBA degree from Faculty of Management Studies (FMS) under Delhi University and was a certified associate of the Indian Institute of Bankers.
After the stint ended at NHB, he served as the first managing director and chief executive officer of the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). He was also instrumental in setting up the Asia Pacific Union for Housing Finance (APUHF) and served as its chairman. Later, he served as the chairman at Pension Fund Regulatory and Development Authority (PFRDA) too.