Ujjivan Small Finance Bank’s Board of Directors has approved the early retirement request of its Managing Director & Chief Executive Officer, Mr. Sanjeev Nautiyal, citing health reasons. Mr. Nautiyal will cease to be MD & CEO and Key Managerial Personnel effective September 1, 2026, with his last day of employment being November 30, 2026. Ms. Carol Furtado, Executive Director, has been appointed as the acting MD & CEO, subject to RBI approval.
Leadership Transition at Ujjivan Small Finance Bank
Ujjivan Small Finance Bank has announced a significant leadership change with the approval of the early retirement of its Managing Director & Chief Executive Officer, Mr. Sanjeev Nautiyal. The decision, reached during a Board meeting held on September 1, 2026, was made in response to Mr. Nautiyal’s personal health concerns. His request for early retirement, submitted via email on August 31, 2026, included a three-month notice period.
Key Dates and Approvals
Mr. Nautiyal will be on leave effective September 1, 2026, and his cessation from the role of MD & CEO and Key Managerial Personnel is effective from the same date. His formal retirement from the Bank is scheduled for November 30, 2026. The Board has placed on record its appreciation for Mr. Nautiyal’s contributions during his tenure of over 2.5 years, highlighting significant growth and improvements across various business levers.
Interim Leadership Appointment
Following the recommendation of the Nomination and Remuneration Committee, the Board has appointed Ms. Carol Furtado, currently an Executive Director (Whole-Time Director), as the acting MD & CEO. This appointment is effective from September 1, 2026, and is subject to the approval of the Reserve Bank of India (RBI). Ms. Furtado brings over three decades of extensive banking experience across business, strategy, operations, and institutional functions, and has been a key member of the bank’s leadership team.
Succession Planning and Future Outlook
The Bank’s established leadership development initiatives and robust succession planning are expected to ensure a seamless transition. The Board expressed full confidence in the current leadership team’s ability to navigate challenges and drive the bank forward. The process to identify a permanent successor for Mr. Nautiyal will be initiated and recommendations will be submitted to the RBI in due course. The Board meeting concluded at 11:44 AM on September 1, 2026.
Source: BSE
