Connecting commerce by making transactions seamless.
Every day new opportunities break new ground and create new connections. And for it to keep functioning smoothly, it needs to be fuelled by money that reaches everywhere it needs to be, flows seamlessly and knows the heart of the economy and energizes it.
We believe our services help increase the velocity of cash in the economy by providing a wide range of services across each stage of the cash cycle in India: from when the RBI initially deposits cash in branches of selected banks, called currency chests (that are authorised by the RBI to hold and distribute rupee notes and coins for circulation to banks), to when cash is deposited back in banks after going through the various stages of the cash cycle.
The 133,469 business points we service are spread across 96.36% of districts in India, through a network that penetrates deep into the growing markets of the country.
Our platform offers our customers a single point of reference across India for their operations.
The CMS integrated platform is an extensive, reliable and agile network. From ATM network management to retail cash management, automating currency chests for banks to setting up multi vendor ATM software systems for a network, automating enterprise cash collections to home delivery of cash for senior citizens, CMS can handle the entire physical payments flow for your organisation. Further, our ground level knowledge of the markets they operate in, and regional requirements, has given us a distinct competitive advantage.
Board of Directors
Mr. Tapan RayIndependent Director
Ms. Manju AgarwalNon-Executive Independent Director
Mr. Krzysztof Wieslaw JamrozNon-Executive Director
Ms. Sayali KaranjkarNon-Executive Independent Director
Jimmy Lachmandas MahtaniNon-Executive Director
Ashish AgrawalNon-Executive Director
Rajiv KaulExecutive Vice Chairman, CEO & Whole Time Director
Rajiv Kaul CEO, Vice Chairman and Whole Time Director
Rajiv Kaul is the Executive Vice Chairman, Whole Time Director and CEO of our Company. He has been associated with our Company since July 1, 2009. He holds a bachelor’s degree in engineering specialising in computer science from Birla Institute of Technology, Mesra and a post-graduate diploma in business management specialising in marketing and finance, from XLRI - Xavier School of Management, Jamshedpur. He has over 24 years of experience across technology, private equity and cash management industry. Prior to his association with our Company, he was associated with Actis Capital LLP, London as a partner and with Microsoft Corporation (India) Private Limited in the capacity of general manager and managing director, India from where he moved to Redmond, USA as senior director of emerging markets including BRIC. He is currently a member of RBI’s Committee on Currency Movement, which was constituted post demonetisation to review movement of fresh currency. In the past, he has been associated with National Association of Software and Service Companies as an elected member to the executive council and was also a member of the national council of CII from 2003 to 2005. He is also a member of the general council of Birla Institute of Technology, Mesra.
Jimmy Lachmandas Mahtani Non-Executive Director
Jimmy Lachmandas Mahtani is a Non-Executive Director of our Company. He has been associated with our Company since August 27, 2015. He holds a bachelor’s degree in science in business administration, triple major in finance, marketing and international business from Georgetown University. He has over 21 years of experience in private equity and investment banking. He has been associated with Baring Private Equity Asia (BPEA) since 2006 and currently serves as a managing director of private equity investment team in India. Prior to BPEA, he was associated with General Atlantic Partners (Mumbai) in the capacity of a vice president.
Shyamala Gopinath Chairperson and Non-Executive Director
Shyamala Gopinath is the Chairperson of our Board and an Independent Director of our Company. She has been associated with our Company since November 13, 2017. She holds a master’s degree in commerce from the University of Mysore. She is a certified associate member of the Indian Institute of Bankers and an honorary fellow of the Indian Institute of Banking and Finance. In the past, she has served as the Deputy Governor of the RBI, chairperson of the advisory board on Bank, Commercial and Financial Frauds and part-time non-executive director of HDFC Bank Limited. Currently, she is a director on the board of several companies including Colgate Palmolive (India) Limited, CRISIL Limited, CRISIL Ratings Limited and Grassroot Trading Network for Women. She is associated with Indian Institute of Management, Raipur as the chairperson of the board of governors, Research and Information System for Developing Countries as a member and Sanitation and Advisory Council of India Sanitation Coalition as a member of finance.
Ashish Agrawal Non-Executive Director
Ashish Agrawal is a Non-Executive Director of our Company. He has been associated with our Company since August 27, 2015. He holds a bachelor’s degree in engineering, with specialisation in electronics from SGS Institute of Technology & Science, Indore and a post-graduate diploma in management from Indian Institute of Management, Ahmedabad. He is also a qualified Chartered Financial Analyst (CFA) from the CFA Institute, USA. He has over 24 years of experience in private equity and investment banking. He currently serves as the managing director of Baring Private Equity Asia, Mumbai. Prior to that, he was associated with Lehman Brothers in Mumbai as a senior vice president and with Bank of America in Chicago as a vice president.
Mr. Tapan Ray Independent Director
Tapan Ray is an Independent Director of our Company. He has been associated with our Company since April 9, 2021. He holds a bachelor’s degree in engineering with specialisation in mechanical engineering from Indian Institute of Technology, Delhi, bachelor’s degree in law from Maharaja Sayajirao University of Baroda, master’s degree in public policy from the Woodrow Wilson School, Princeton University, USA, master’s degree in public administration from Maxwell School, Syracuse University, USA, diploma in international law and diplomacy and post graduate diploma in international trade and business law from Indian Academy of International Law and Diplomacy, Indian Society of International Law, post graduate diploma in international business operations from Indira Gandhi National Open University and an executive master’s in foreign trade from Indian Institute of Foreign Trade, New Delhi. He is a retired Indian administrative officer wherein he served as the secretary to the ministry of corporate affairs, government of India. Currently, he serves as the managing director and group chief executive officer of GIFT City, Gandhinagar, Gujarat. He is a member of the alpha sigma chapter of Phi Beta Delta, Honor Society for International Scholars since March, 2006.
Mr. Krzysztof Wieslaw Jamroz Non-Executive Director
Krzysztof Wieslaw Jamroz is a Non-Executive Director of our Company. He has been associated with our Company since August 10, 2021. He was previously associated with our Company as an Independent Director from March 11, 2016 and as the chairman of the Board from August 19, 2017 till the cessation of his term on December 31, 2019. He holds a bachelor’s degree in business studies from Birmingham City University and a master’s degree in business administration from Schulich School of Business, York University, Canada. He has over 19 years of experience in the logistics, cash management and investment banking. He presently serves as an executive chairman of the Board of Roadrunner Transportation Systems (RRTS) and executive chairman of Ascent Global Logistics. Previously, he was associated with GardaWorld Corporation as its cash services president and chief operating officer and as head of JP Morgan’s corporate finance practice in Canada. He serves as the governor of the Royal Ontario Museum (‘ROM’) and has received the ROM Donor of Merit Award. He is also the chief executive officer of the Polish Chamber of Commerce in the United States of America.
Ms. Manju Agarwal Non-Executive Independent Director
Ms. Manju Agarwal, is a Post Graduate from University of Allahabad, an Associate of the Indian Institute of Bankers, Certification in Documentary Credits, by Euro Money, UK, Certification in Marketing, by IIM, Kolkata and Certification in Financial Inclusion, by Harvard Kennedy School, USA. She has 34 years of banking experience with State Bank of India, in India and overseas Retail banking, Digital Banking, Customer Service and Financial Inclusion at Policy, Strategy and Operations level. She has Led SBI’s partnership with Reliance Industries Ltd to set up Jio Payments Bank Ltd., Led the Govt Business, Transaction Banking and Issuing & Acquiring Business of the Bank, Led Bank’s foray in Transit and the Metro solutions and Bank’s Jan Dhan program.
Ms. Sayali Karanjkar Non-Executive Independent Director
Ms. Sayali is MBA from the Kellogg School of Management, a Masters in Engineering Management from Northwestern University Illinois, United States and a Bachelors degree from the National University of Singapore. She is the Co-Founder of Paysense and was the Chief Business Officer of PayU Credit India. Prior to Paysense, Sayali spent 15+ years in US and Singapore building and executing strategies for leading consumer and retail companies in the US with AT&T in California and with AT Kearney in Chicago.
Pankaj Rawat Chief Marketing Officer
Pankaj drives an integrated marketing and communications strategy to augment the positioning of CMS and brings over 18 years of experience across the mainstream and digital domain.
Prior to CMS, he served as a Director, Marketing & Communications at CRISIL Ltd, responsible for driving business impact marketing strategy across 11 global markets. He has also played key roles at HSBC, Angel One, and ING in establishing the brand, launching key campaigns, re-positioning the companies, and driving their ESG and Sustainability efforts.
Pankaj holds a bachelor’s degree in Physics from the University of Mumbai and an MBA from the Indian Institute of Planning and Management. He also completed his MDP in Digital Transformation from IIM, Calcutta.
Deepak Bhagchandaney Senior Vice President - Managed Services
Deepak brings more than three decades of experience, including a decade of an entrepreneurial stint. With an established track record of running large tech-driven businesses, Deepak is currently driving Brown Label ATMs (BLA) and AIoT-based Remote Monitoring & e-surveillance businesses for our Managed Services business.
In his previous leadership roles at Spanco, Alcatel, Motorola, and Tata Telecom, Deepak has scaled large businesses by creating successful outcomes in complex situations.
Deepak is an alumnus of NMIMS, Mumbai University.
Rajiv Kaul Executive Vice Chairman, Chief Executive Officer and Whole Time Director
Rajiv Kaul is the Executive Vice Chairman, Whole Time Director and CEO of our Company. He has been associated with our Company since July 1, 2009. He is currently heading the Company and is responsible for the overall management of our Company. He holds a bachelor’s degree in engineering specialising in computer science from Birla Institute of Technology, Mesra and a post-graduate diploma in business management specialising in marketing and finance, from XLRI - Xavier School of Management, Jamshedpur. He has over 24 years of experience across technology, private equity and cash management industry. Prior to his association with our Company, he was associated with Actis Capital LLP, London as a partner and with Microsoft Corporation (India) Private Limited in the capacity of general manager and managing director, India from where he moved to Redmond, USA as senior director of emerging markets including BRIC. He was formerly a member of RBI’s Committee on Currency Movement, which was constituted post demonetisation to review movement of fresh currency. In the past, he has been associated with National Association of Software and Service Companies as an elected member to the executive council and was also a member of the national council of CII from 2003 to 2005. He is also a member of the general council of Birla Institute of Technology, Mesra.
Pankaj Khandelwal President and CFO
Pankaj Khandelwal is the President and Chief Financial Officer of our Company. He has been associated with our Company since July 1, 2009 and prior to the demerger was associated with CMS Computers Limited as a chief financial officer since May 8, 2006. He is currently responsible for finance, legal and secretarial function of our Company. He holds a bachelor’s degree in commerce from University of Rajasthan and is a qualified chartered accountant from ICAI with over 27 years of experience. In the past, he has been associated with Gajra Bevel Gears Limited in the capacity of deputy general manager (accounts) and with NRC Limited in the capacity of vice president (commercial).
Manjunath Rao President - Managed Services
Manjunath leads the Managed Services business unit at CMS and has been associated with the company since July 2012. He is responsible to drive an integrated technology-led services & solutions platform by offering Banking Automation, Software Solutions, and AIoT-based Remote Monitoring Services.
He has over 34 years of experience in handling enterprise sales and services including leadership roles in leading global institutions. Prior to CMS, Manjunath has been associated with NCR Corporation India in the capacity of Country Manager and Interim Managing Director and as Chief Operating Officer at CashLink Global Systems. He has also served as the Director of Sales and Marketing at Diebold Systems India Private Limited.
Manjunath holds a Bachelor’s degree in Science, with a specialization in Statistics from Madras University.
Anush Raghavan President – Cash Management Solutions
Anush Raghavan is the President- Cash Management Business of our Company. He has been associated with our Company since October 1, 2009. He is currently heading the cash management business of our Company He holds a bachelor’s degree in academic laws from University of Mysore and a post-graduate diploma in management from Indian Institute of Management, Ahmedabad. He has over 14 years of experience in business management and business development. He has previously been associated with Hay Consultants India Private Limited in the capacity of an associate consultant. He is the president of Cash Logistics Association and Currency Cycle Association.
Vijay Iyer Senior Vice President - Cash Management Solutions
Vijay brings more than two decades of experience in the Indian cash management industry. With a proven track record of process re-engineering and productivity enhancement, Vijay is currently responsible to drive operations efficiency, service delivery, and complex project management for our cash management business.
In his previous leadership roles with Securevalue India Ltd. AGS Transact Technologies Ltd and Brinks Arya India Ltd., Vijay has grown the scale and diversity of the range of services offered.
Vijay is an alumnus of Mumbai University.
Sheen Sunny Akkara Chief Human Resource Officer
Over 25 years of experience across various sectors. In the past, he has been associated with Nielsen India Private Limited as Executive Director (Human Resources), Deloitte Consulting India Private Limited as Vice President (Talent) and Sutherland Global Services Private Limited as General Manager
Subhash Kelkar CTO
More than 26 years of diverse IT experience across IIFL, Club Mahindra and Tech Mahindra.
Sanjay Singh Chief Human Resources Officer
Sanjay leads the people and social agenda at CMS and is currently responsible for developing and executing the HR and CSR strategy.
With over three decades of human resources leadership and business partnership experience in transforming business strategy into organizational effectiveness, he has been previously associated with Cairn India Ltd., Hi-Tech Gears Ltd., and Strides Pharma Science Ltd. in diverse leadership roles.
Sanjay holds a bachelor’s degree in science, with a specialization in dairy technology from the National Dairy Research Institute, Karnal, and a postgraduate diploma in personnel management and industrial relations from the Institute of Management and Labour Studies, XLRI Jamshedpur.