Ujjivan Small Finance Bank has appointed Ms. Carol Furtado as the Interim MD and CEO, subject to RBI approval, following the early retirement of Mr. Sanjeev Nautiyal due to health reasons. The bank confirmed that a search process for a permanent successor has commenced, with the goal of submitting names to the RBI within 3-4 months. Management assured stakeholders that the bank’s strategic direction and governance remain robust.
Leadership Changes and Succession Planning at Ujjivan Small Finance Bank
Ujjivan Small Finance Bank Limited announced significant leadership developments during its investor conference call on September 1, 2026. The bank has appointed Ms. Carol Furtado, Executive Director, as the Interim MD and CEO, pending approval from the Reserve Bank of India (RBI). This transition follows the early retirement of Mr. Sanjeev Nautiyal, attributed to ongoing health concerns.
Interim Leadership and Search for Successor
Mr. B.A. Prabhakar, Chairman and Independent Director, addressed the early retirement of Mr. Nautiyal, expressing appreciation for his contributions. He stated that the Board accepted Mr. Nautiyal’s retirement request due to his health condition. Ms. Furtado, a seasoned banker with over three decades of experience, will now lead the bank on an interim basis. The Nomination and Remuneration Committee (NRC) has been tasked with the search for a permanent successor. The bank anticipates being able to submit names to the RBI within the next 3 to 4 months. The process is expected to take around 6 months from start to potential onboarding of a new candidate.
Operational and Financial Performance
Ms. Carol Furtado provided an update on the bank’s performance, highlighting a 29% year-on-year growth in the loan book during Q1 FY27, with Gross Non-Performing Assets (GNPA) at 2.2%. The diversification strategy, with the secured book share growing past 50%, is on track. The CASA book saw healthy growth of 38% year-on-year, with the cost of funds at 6.9% for Q1. The bank also announced the joining of Mr. Vikas Agarwal as Business Head, MSME. Management reaffirmed its commitment to meeting the FY27 guidance and stated that the bank remains well-capitalized for its growth plans.
Market Outlook and Strategy
Ujjivan Small Finance Bank remains committed to its FY27 guidance and continues to strengthen its business mix and asset quality. The bank is confident in its strategic direction and execution capabilities. While discussing the impact of the El Nino phenomenon, management indicated that trends in asset quality and business performance are in line with expectations and no significant deviations are observed. The bank will continue to share further details on its performance and strategies during upcoming earnings calls.
Source: BSE
