RBI approves Ujjivan's committee of directors for smooth functioning of the bank

Ujjivan Small Finance Bank has formed a special committee of three independent directors to oversee the operations and administration of the bank in the absence of a regular chief executive.
The Reserve Bank of India approved it.

Chairman of the bank's board BA Prabhakar, Ravichandran Venkataraman and Rajni Mishra are members of the committee, a person familiar with the matter said.

The bank's entire senior leadership will report to the committee of directors," the person added. The bank is facing a vacuum in the top management with chief executive Nitin Chugh resigning last month. Chief financial officer Upma Goel also resigned in July. Both will officially exit the bank on September 30.

Within days of Chugh's resignation, the bank elected Carol Furtado as the interim chief executive.

Ujjivan is in the midst of a turmoil with high asset quality stress and a management crisis. The bank’s gross non-performing assets jumped to 9.5% at the end of June from merely 1% as of March 31, 2020. Its employee attrition rate remained around 20% for the last couple of years.