Ujjivan Small Finance Bank on Tuesday announced that its Chief Executive Officer Sanjeev Nautiyal has stepped down from his position with immediate effect, citing health-related reasons. Nautiyal, however, will formally retire at the end of November.
The bank said Nautiyal’s tenure had helped strengthen several areas of its operations, including substantial expansion of its secured loan portfolio, a stronger deposit base, improved digital and analytics capabilities, and a more robust risk management and internal control framework, according to Moneycontrol.
Nautiyal, who took charge as the bank’s chief executive in July 2024, sought early retirement on 31 August. His request included a three-month notice period and was subsequently approved by the bank’s board.
Nautiyal has more than 30 years of experience in the banking sector, with expertise spanning retail banking, small and medium-sized enterprises, financial inclusion, operations, human resources, international banking and treasury operations.
Before joining Ujjivan Small Finance Bank, he held senior positions at the State Bank of India, including Deputy Managing Director overseeing Financial Inclusion and Micro Markets. He also served as Managing Director and CEO of SBI Life Insurance.
Nautiyal has previously been associated with the Life Insurance Corporation of India as an Independent Director and has worked as an adviser to several organisations. He holds a bachelor’s degree in Arts and an MBA, besides being a Certified Associate of the Indian Institute of Bankers.
The bank’s board will now start the search for a permanent replacement and, once the process is completed, forward its nominee to the Reserve Bank of India (RBI) for approval. For now, the lender has named Executive Director Carol Furtado as the interim chief executive officer, subject to approval from the RBI, according to a filing with the stock exchanges.
“Carol is a key member of the leadership team that laid the foundation and built Ujjivan throughout the journey. She is also recognised for developing leaders, empowering teams and building a culture of ownership and accountability. In her existing role as Executive Director at Ujjivan Small Finance Bank, she has contributed significantly to business growth, transformation and organisational development,” the bank stated.
Meanwhile, Ujjivan Small Finance Bank is working towards upgrading its status from a small finance bank to a universal bank. The transition would give the lender a wider scope of operations and allow it to offer banking services under a broader mandate.
Garvit Bhirani is a journalist based in Gurugram. He is a Deputy Chief Content Producer at LiveMint, where he covers national and international news stories, focusing on accuracy and compelling storytelling for readers.
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With a total of six years of experience in journalism, he has previously worked with Vaco Binary Semantics for Google, taking on the role of news curation lead, and reported from the field on health, education, and agriculture stories for 101reporters and News9. He has also served as a content editor for entertainment and news media organisations.
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Garvit holds bachelor’s and master’s degrees in journalism and mass communication from Guru Gobind Singh Indraprastha University and Gurugram University, respectively. During college days, he joined India’s only non-profit student journalism network, where he anchored daily news updates and produced his own weekly show called ‘Data Fix’.
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He was selected for the YES Foundation Media for Social Change Fellowship in Delhi, the Talking Data to the Fourth Pillar residential workshop, and the VOICE Fellowship in Pune.
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He holds certificates in COVID-19-verification reporting, data journalism, food & agriculture, tech policy, media literacy and countering misinformation, and tackling election disinformation courses from Thomson Foundation, IndiaSpend, The Dialogue, US Mission in India, and AFP.
<br><br> He can be reached on <a href="https://www.linkedin.com/in/garvit-bhirani">LinkedIn</a> or on <a href="https://x.com/GarvitBhirani">@garvitbhirani</a> on X
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