Board Of Directors

Renana Jhabvala


Renana Jhabvala is an Indian social worker, best known for her long association with SEWA (Self Employed Women’s Association). She has been active for decades in organizing women into trade unions in India. She is currently the Chairperson of SEWA Bharat and the national coordinator of SEWA.

A Padma Shri awardee, she has represented SEWA at the International Labour Organization (ILO) and other international forums. She was also instrumental in forming HomeNet South Asia and has been one of the founders of WIEGO (Women in Informal Employment: Globalizing and Organizing). She has been active in many Government committees and task forces in India which have formulated a wide range of policies, National Policy for Urban Street Vendors in India, being a key one.

A Padma Shri awardee, she has represented SEWA at the International Labour Organization (ILO) and other international forums. She was also instrumental in forming HomeNet South Asia and has been one of the founders of WIEGO (Women in Informal Employment: Globalizing and Organizing). She has been active in many Government committees and task forces in India which have formulated a wide range of policies, National Policy for Urban Street Vendors in India, being a key one.

Manish Thakkar


Manish Thakkar is a qualified chartered accountant and cost accountant. He is currently working with RNT Associates Pvt. Ltd. and has been associated with prestigious institutions viz. Nomura, ICICI Securities Ltd., KPMG India Pvt. Ltd and Infin Equity Services Private Ltd.

He has around 23 years of experience in M&A, capital structuring, project financing, IPO advisory services, bought-out deals and valuation of companies/ businesses across a wide spectrum of sectors like pharmaceuticals, chemicals, infrastructure, textiles, steel, plastic processing, leisure and tourism among others. He also co-founded a platform for underwriting of real estate apartment sales in partnership with promoters of Net Ambit, a platform for distribution of financial products and real estate.

David A. Smith


The founding member and the CEO of Affordable Housing Institute, David A. Smith has an exemplary record of combining theory and practice by devising a set of complex transactions, programs and policies aimed at making housing affordable.

With over 35 years of global experience in housing finance, he has led financial consulting work for international organisations like World Bank, USAID, Gates Foundation among others; played a principal role in designing global-leading initiatives such as the Urban Poor Fund; and made an indispensable mark in housing finance innovation, education and advocacy.  

David also writes extensively about what public and private stakeholders can do to capitalise on emerging housing and financing needs.

Manjiree S. Jaitly

Nominee Director

Manjiree S Jaitly serves as Joint General Manager- Investments at HDFC Ltd. She has been instrumental in leading the HDFC’s investment in HDFC Credila, among other investments. In addition to working on the investment portfolio of HDFC, Manjiree has handled a few innovative fund-raising transactions at HDFC, including the first masala bond issue in the country and some hybrid structures.

Manjiree is a chartered accountant by profession, a certified public accountant and a chartered financial analyst.

Sanjay Kaul

Independent Director

Sanjay Kaul has professional experience of over 40 years, a larger portion of which have been with the government as a senior civil servant, in addition to the private corporate sector. He has gained extensive experience with merchant bankers and financing institutions in structuring financial instruments.

He is currently the MD & CEO of National Collateral Management Services Limited (NCML), one of the country’s largest private sector agri-warehousing and logistics company. He is also the chairman of NCML Finance, an agri lending NBFC. He is an active Member of the agricultural councils of leading industry bodies such as CII and FICCI. He is a regular speaker at industry conferences and has written extensively in the areas of food and nutrition, education, health and poverty related issues. He does pro-bono work with a leading NGO, Mobile Creches, which works with underprivileged children.

Prior to Sanjay Kaul’s last assignment before he took voluntary retirement from the Government of India in June 2008 to join NCML was joint Secretary (Food Policy), in the Ministry of Agriculture and Food. He began his career as a lecturer in economics after completing his Master’s in Economics from the Delhi School of Economics before he joined the Indian Administrative Service.

Anirudh Sarda


Anirudh currently works as an Equity Officer at Oikocredit Ecumenical Development Cooperative Society U.A and leads the equity strategy in India. He is responsible for managing the equity portfolio and assessing new investment opportunities in financial inclusion and agriculture sectors.

He accumulates 11 years of experience in private equity, investment banking and project finance across several countries and sectors. An Indian national, Anirudh is a CFA Charterholder and an MBA in Finance from IMT, Ghaziabad.

R.V. Verma


Mr. R. V Verma is the Housing/Mortgage Industry Professional with experience of nearly 40 years in the mortgage/financial sector and other Regulatory authorities. He is presently working as Chairman of AU SMALL FINANCE BANK since Apr 2020. Previously he has worked with Reserve Bank of India, and NABARD, with Pension Fund Regulatory and Development Authority (PFRDA) and several other institutions of repute.

He did his Master’s in Economics from Delhi School of Economics and MBA-from FMS, University of Delhi. He has held leadership positions- Chairman & CEO- at several national level Regulatory/Financial, Institutions, viz. NHB, IMGC, CERSAI, PFRDA and dealt extensively with Regulatory and Financing issues, including Funding and Balance-sheet & P&L management. He conceptualized and executed several ground breaking initiatives in low income and informal sector housing and took initiatives in institution-building, formulating schemes and programs for financing, developmental Initiatives for building market infrastructure for affordable housing and designing Regulations and Financing Schemes for sound growth of the mortgage industry etc.

Shilpa Kumar


Elisabeth is a Principal Investment Officer at Women’s World Banking Asset Management. She is responsible for structuring and managing equity investments in financial services providers globally, with the goal to close the gender gap in financial inclusion.

Prior to joining Women’s World Banking, Elisabeth was an Investment Officer with the Inter-American Development Bank Group, a Project Leader with Dalberg Global Development Advisors, and a Consultant with the Boston Consulting Group.

She holds a Masters in International Economics and International Relations from Johns Hopkins School of Advanced International Studies and is a CFA Charterholder.

Rajat Arora


Mr. Rajat Arora has nearly seventeen years of experience across investing, consulting, strategy and operations. He has extensively worked across emerging markets to understand businesses that are built around informal economy and low-income customer segment, and invested in multiple companies that operate in such ecosystem.

Rajat did Masters in Management Studies (Finance) from Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai, in 2007. In his current role as Head of Asia and Principal Investment Officer at Women’s World Banking Asset Management (WAM), Rajat leads South and SE Asia investments for the firm. Prior to joining WAM, Rajat was an Investment Director at Elevar Equity, an impact investment firm focused on India and Latin America. Rajat managed a number of financial services portfolio firms at Elevar such as Shubham Housing Finance, Vistaar, WheelsEMI, Sarvagram etc. He also managed the exit transaction of Madura Microfinance which was acquired by CreditAccess Grameen. Previously, Rajat led the investing efforts in India for LGT Group and executed investments in Ummeed Housing Finance, Aye Finance, and Varthana.

Before LGT, Rajat was part of investment team at an early-growth stage focused PE firm, BTS Investments, and advised leading infrastructure companies at CRISIL. Rajat started his career as a member of the CEO cell at Reliance Energy where he helped strategize restructuring of operations of an erstwhile government-owned electricity distribution utility.

Lise Lindback


Ms. Lise Lindback is having 25 years of experience from asset management and financial markets in different positions, buy side and sell side. Lise joins Nordic Microfinance Initiative (NMI) after nearly 12 years at Norges Bank Investment Management (NBIM), the organization responsible for the management of Norway’s sovereign wealth fund. Through her role as NBIM’s Global Head of Investment Advice, Lise headed up NBIM’s work on strategy development focusing on questions related to the investment universe, asset allocation and the overall investment framework.

Lise holds a Master’s in Economics and Business Administration, Finance and International Strategy, from the Norwegian School of Economics (NHH). With a strong background in global investment management spanning over two decades, Lise has previously held positions at Vital Forsikring ASA, SEB, The Norwegian Ministry of Finance, and the Royal Norwegian Embassy, Lusaka, Zambia. From 2009 to 2017 Lise served as a member of the board of CARE Norge and since June 2021 has held a board seat at Alpha Corporate Finance.

Shruti Gonsalves

Managing Director and Chief Executive Officer

Shruti has over 21 years of expertise in project finance, appraisal, monitoring & evaluation systems and development financing, largely in the domain of microfinance and capacity building of member organizations and their staff.

She has extensive experience of working with various government ministries both at Central and State level, PSUs, Financial Institutions, Multilateral & Bilateral agencies in the area of development finance and financial inclusion; and setting up innovative financial services mechanisms, sustainable livelihoods both in urban and rural spaces. Significant part of her career has been in working with low-income families especially the women working in informal sector. Shruti has leveraged on her entrepreneurial skills by being part of the core team that set up Government of Gujarat Livelihood Promotion Company and has also played a pivotal role in establishing SEWA Grih Rin Limited.

Shruti has a B.Sc. in Electronics, an LLB and an MBA in finance and management.


In an endeavour to provide the best-in-class services to our loan borrowers, SEWA Grih Rin suggests that the borrowers should get their property and loan repayments insured to cover any unfortunate event during the re-payment term of the loan. For the convenience of customers, SEWA Grih Rin has tied up with various insurance companies to offer lucrative products and services for its borrowers.

SEWA Grih Rin does not render any insurance related services and the Borrowers shall be solely responsible for the Insurance products purchased through the Insurance Partners. Insurance is a subject matter of solicitation.