Sachin Bansal resigns as Ujjivan Small Finance Bank’s Director

File Photo&nbsp | &nbspPhoto Credit:&nbspIANS

Key Highlights

Sachin Bansal in his letter said that the would like to resign as an Independent Director of the Bank with effect from January 27, 2020
Bansal, through his investment firm Navi Technologies, will now focus on the financial services sector, including insurance and banking
He founded Navi Technologies after moving out of Flipkart in 2018

New Delhi: Flipkart co-founder Sachin Bansal has resigned as Ujjivan Small Finance Bank director. The Bank in its regulatory filing informed that it received Bansal’s resignation letter dated January 27 and that the Board of Directors has taken note of it. A copy of the letter was attached in the filing.

Bansal in his letter said that the would like to resign as an Independent Director of the Bank with effect from January 27, 2020. “Consequently, I shall also cease to be a member of various Board Committees of the Bank.”

It may be noted that Bansal, through his investment firm Navi Technologies, will now focus on the financial services sector, including insurance and banking. Navi Technologies said earlier this month that its microfinance arm, Chaitanya India Fin Credit Pvt. Ltd (CIFCPL), has formally approached the Reserve Bank of India (RBI) for a universal banking licence.

Bansal addressed this in his letter saying, “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 is expected to inject USD 400-450 million in the new venture which may make it one of the biggest fund infusions by a promoter into a new financial services venture.

“I take this opportunity to place on record my appreciation for the support extended to me by the Board during my tenure. It has been a sincere pleasure to serve on the Board and I wish the management of the Bank every success,” he added. He also confirmed that there are no other material reasons for his resignation as an Independent Director of the Bank other than those stated in the letter.

It is worth mentioning that Bansal founded Navi Technologies after moving out of Flipkart in 2018, following the homegrown e-commerce major’s takeover by global retailing giant Walmart.

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