Carol Furtado appointed as Ujjivan Small Finance Bank interim head

Ujjivan Small Finance Bank has unanimously approved the appointment of Carol Furtado as the officer on special duty leading the day-to-day operation of the bank from August 26.

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A board meeting was scheduled to put in place a crisis management team six days after MD and CEO Nitin Chugh resigned amid signs of a clash of culture between the old and new guard at the fledgling bank that started operations in 2017.

After Chugh vacates office on September 30, 2021, Furtado will take charge as the interim CEO, subject to RBI approval.

The board will continue to hunt for suitable candidates to the post in parallel and will submit two names to the RBI for its approval.

With over 25 years of experience in microfinance and retail banking, Furtado was one of the key members of the leadership team that laid the foundation and built Ujjivan and has been part of Ujjivan group since 2005.