Ujjivan Small Finance Bank appoints Carol Furtado as OSD after Nitin Chugh's resignation

Ujjivan Small Finance Bank has appointed Carol Furtado as an Officer on Special Duty (OSD) of the bank, with effect from August 26, 2021, after the resignation of Nitin Chugh, Managing Director and CEO of the Bank. Carol Furtado's appointment is subject to her resignation as the Chief Executive Officer of Ujjivan Financial Services Limited. She will be leading the charge of handling the day-to-day operations of the bank from August 26, 2021, and will be serving the bank as 'OSD' until outgoing MD & CEO Nitin Chugh is in office.

"She has been authorised to exercise such powers and perform such functions on behalf of the bank, which was granted and was being exercised by Nitin Chugh in his capacity as Managing Director and CEO of the bank. Post-September 30, she will take charge as the Interim CEO, subject to the RBI approval," the bank said in a statement.

The board of Ujjivan Small Finance Bank also approved the appointment of Banavar Anantharamaiah Prabhakar, who is an Additional Director (Independent), as the Part-Time Chairman of the bank to fill the vacancy caused due to the resignation of Biswamohan Mahapatra. The bank will make an application to the RBI for its prior approval for the aforesaid appointment, as required under the Banking Regulation Act, 1949.

Also read: Eight board members of troubled Ujjivan Small Finance Bank leave in 9 months

Nitin Chugh resigned from the position of Managing Director and CEO of Ujjivan Small Finance Bank on August 19. He confirmed to the bank, in his resignation letter, that he is resigning due to personal reasons and there are no material reasons. He was appointed as MD and CEO of the bank for a period of three years with effect from December 1, 2019.

The Ujjiwan Financial Services board has meanwhile accepted the CEO's resignation. Bengaluru-headquartered Ujjivan Small Finance Bank has witnessed a large-scale exodus of its directors with as many as eight board members including its MD & CEO Nitin Chugh, making a hasty exit in the last nine months. The list includes independent directors, non-executive directors, additional director, and MD& CEO.

The directors include Vandana Viswanathan, Jayanta Kumar Basu, Biswamohan Mahapatra, Mahadev Lakshminarayanan, Ittira Davis, Mona Kachhwaha, Harish Devarajan, and Nitin Chugh.

Also Read: Nitin Chugh resigns as Ujjivan Small Finance Bank MD, CEO; cites ‘personal reasons’