The board of directors of PNB Housing Finance has initiated a process to find the replacement of CEO Sanjay Gupta who resigned.

"During the search period, the board has appointed Neeraj Vyas, who until now was an Independent Director of PNB Housing Finance, to assume the role of interim Managing Director and CEO until a successor is appointed," the company said in a statement.

Vyas is a senior banking professional with over 36 years of experience in banking across a range of diverse functions in both India and overseas. He was inducted into the PNB Housing Finance Board in 2019 and has also been a member of the Credit Committee of the Board of PNB Housing Finance since then.

PNB Housing Finance Ltd is promoted by Punjab National Bank and is a registered company with the National Housing Bank (NHB). Its asset base comprises of retail loans and corporate loans.

The country's fourth-largest housing finance company closed the financial year 2019-20 with healthy assets under management (AUM) of Rs 84,000 crore and deposit mobilisation of Rs 9,200 crore.