Sachin Bansal resigns from Ujjivan Small Finance Bank’s board, Technology News, ETtech

Sachin Bansal resigns from Ujjivan Small Finance Bank's board Sachin Bansal has resigned from the board of Ujjivan Small Finance Bank citing that an entity owned and managed by him has utilized for a common banking licence, based on a regulatory submitting.

Chaitanya India Fin Credit, a microlender wherein the Flipkart co-founder has a majority stake, had earlier this month stated it has utilized to the Reserve Bank of India (RBI) for common financial institution licence.

“I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role,” Bansal stated in his resignation letter, which was disclosed by Ujjivan SFB within the regulatory submitting.

He added that consequently, he may also stop to be a member of assorted board committees of the financial institution.

Ujjivan Small Finance within the submitting stated, “The bank has received a letter dated January 27, 2020 from Sachin Bansal tendering his resignation as an independent director of the bank with effect from January 27, 2020”.

Bansal had acquired Chaitanya in September with an funding dedication of Rs 739 crore. Chaitanya was based in 2009 and operates 40 branches in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand.

Bansal, chief government officer of Navi Technologies that had invested in Chaitanya, beforehand talked about constructing a common financial institution being a mirrored image of the entity’s dedication to supply monetary companies to those that want them probably the most.

“Our imaginative and prescient is to transcend what hitherto has been broadly outlined as ‘monetary inclusion’ and supply entry to formal monetary companies utilizing expertise that people can use intuitively and simply,” Bansal had stated.

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