Sanjeev Nautiyal steps down: How the veteran banker steered Ujjivan Small Finance Bank's growth engine as CEO

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.

Who is Sanjeev Nautiyal?

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.

Carol Furtado named interim CEO

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.