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Board of directors

Photo of Mr. Ajay Mahajan
Mr. Ajay Mahajan
Chairman CARE Ratings Nepal Limited.

Mr. Ajay Mahajan is Chairman of CRNL and the Managing Director & CEO of CARE Ratings. He is a widely experienced financial services expert with 30 years in banking and capital market businesses. He worked in organizations like Bank of America where he started his career in 1990 and went on to become MD & Country Head of Global Markets Group. There, he also led the initiative of building the first 100% foreign owned NBFC in the country to do primary dealership and credit fixed income. Thereafter, Ajay Mahajan joined YES BANK in a top management role to build out multiple functions like Financial Markets, Investment Management, Financial Institutions and International Banking. He moved thereafter to UBS in 2008 to build their India franchise from scratch, another deeply entrepreneurial role. In three years of joining, UBS had most credit, Financial Markets, Debt Capital Markets and Retail Products in India. HIs last assignment was a 7 year long stint in IDFC Group which he joined in 2013 to play a hugely transformative role to lead the conversion of their Infrastructure financing business to a multi-product, multi-segment wholesale banking business comprising Corporate Credit, SME Credit, Financial Markets, Government Banking, Financial Institutions and International Banking. Besides, this role required building teams, systems, processes and cutting-edge technologies to support the wholesale bank’s growth. He was one of the founding members of FIMMDA, the financial markets SRO in India and headed product development committee and several other initiatives for market development. He also held the Vice Chairman role at FIMMDA. While at this role, he was also entrusted with heading a sub-committee, a part of Jaspal Bindra Committee constituted in 2001, under the aegis of RBI to work on development of the financial markets and derivatives markets in India. He holds a Bachelor of Engineering in Electrical & Electronics Engineering from BITS Pilani, and an MBA from FMS (where he was a Gold medalist) and is also CFA Charter holder from CFA Institute, USA.

Photo of Mr. Mehul Pandya
Mr. Mehul Pandya
Director CARE Ratings Nepal Limited

Mr. Mehul Pandya is Director of CRNL and the Executive Director of CARE Ratings. He is a CFA Charterholder from CFA Institute, USA. He holds a Bachelor’s degree in Instrumentation and Control Engineering from Gujarat University and a Master of Business Administration degree from Bhavnagar University. He has also obtained a Diploma in Financial Management from Narsee Monjee Institute of Management Studies. He has more than 21 years of experience in credit risk and financial sectors. He has been associated with CARE Ratings since 2000. He was earlier associated with Gujarat Industrial Investment Corporation Ltd. He is on the Board of Directors with CARE Risk Solutions Pvt. Ltd., CARE Advisory Research and Training Ltd. and CARE Ratings (Africa) P vt. Ltd. He is a nominated member on the Faculty of Management, Nirma University, Gujarat.

Photo of Mr. Binod Atreya
Mr. Binod Atreya
Director CARE Ratings Nepal Limited

Dr. Atreya is the Director of CRNL and the Chief Executive Officer of Emerging Nepal Limited (ENL). Prior to joining ENL, Dr. Atreya holds over 30 years of professional experiences in various capacities in Nepal Rastra Bank, the central bank of Nepal. He served as Executive Director at Micro Credit Promotion and Supervision Department, where he was mainly responsible for supervising the microfinance institutions, financial intermediaries and assigned cooperatives authorized to do limited banking activities. He also served as National Project Director for implementing UNNATI – Access to Finance Project in collaboration with UNCDF and Government of Denmark. He also served as Chief Executive Officer of Nepal Bank Limited, a commercial bank, for a period over three years. He did serve with UNDP projects in the Republic of Maldives, Marshall Islands and the Republic of Palau. He holds PhD degree in Public Management Reform from Victoria University of Technology, Melbourne, Australia, and MBA (India) and MPA (Nepal


Photo of Mr. Achin Nirwani
Mr. Achin Nirwani
CEO CARE Ratings Nepal Limited

Mr. Achin Nirwani is the Chief Executive Officer of CRNL. He holds Bachelor’s degree in Commerce from University of Punjab, Chandigarh and is a qualified Chartered Accountant from The Institute of Chartered Accountants of India.

A dynamic professional with more than 18+ years of experience in the Credit Rating, Banking and financial sector. He has been associated with CARE Ratings Limited, India (CARE) for the major part of his career. Prior to joining CARE, he was associated with leading banks and corporate houses in various capacities. He has also undertaken assignments with various departments of Government of India for developing the methodologies of grading education institutions for skill development, financial and operating efficiency rating for MSME etc. During these years of his association with financial institutions at leadership positions, he has handled responsibilities in areas of credit risk assessment, project appraisal, relationship, and people management. With his extensive experience in banking and finance sector, he comes with spectrum of knowledge in credit analysis and its mapping to business risk, financial risk and industry risk.

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