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Home >Industry >Banking >Ujjivan Financial Services appoints Sanjeev Barnwal as CEO

MUMBAI : Ujjivan Financial Services Ltd, the holding company of Ujjivan Small Finance Bank on Thursday appointed its company secretary Sanjeev Barnwal as the chief executive, effective 10 September.

This move comes after its erstwhile head Carol Furtado took up the role of the officer on special duty at Ujjivan Small Finance Bank. Furtado was tasked with managing day-to-day operations of the bank from 26 August till outgoing CEO Nitin Chugh is in office. After that she will take charge as the interim CEO, subject to approval from the Reserve Bank of India (RBI). Chugh resigned last month citing personal reasons.

“Please be informed that our board of directors at their meeting held today, 9 September 2021, based on the recommendation of the Nomination and Remuneration Committee, has considered and unanimously approved the appointment of Sanjeev Barnwal, as chief executive officer (CEO) effective from 10 September 2021 as per Section 203 of the Companies Act, 2013; he will continue to be the company secretary and key managerial personnel of the company," it said in a regulatory filing.

The company said that Barnwal has been a senior team member for over 7 years and has played pivotal roles in several key milestones including private equity raise, initial public offering and listing, banking licence application and processing, formation of the subsidiary, restructuring through slump sale and listing of the bank.

 “His corporate and investment banking experience plus his active interactions with the regulators, stock exchanges, investors investment bankers, legal counsels, auditors and long association with Ujjivan will continue to add value in his larger role and responsibility as the CEO of the company," it said.

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