Ujjivan Small Finance Bank appoints Nitin Chugh as MD, CEO from Dec 1
The Reserve Bank of India (RBI) has approved Chugh's appointment, Ujjivan Financial Services said in a BSE filing. "This appointment comes at the end of a succession planning process undertaken by the bank as the present tenure of Samit Ghosh as the MD and CEO of the bank will conclude on November 30, 2019 (the date of his attaining the age of 70 years)," the company said.
Ujjivan Small Finance Bank, a subsidiary of the listed entity Ujjivan Financial Services, Friday announced the appointment of Nitin Chugh as its MD and CEO for a period of three years with effect from December 1, 2019. The Reserve Bank of India (RBI) has approved Chugh's appointment, Ujjivan Financial Services said in a BSE filing. "This appointment comes at the end of a succession planning process undertaken by the bank as the present tenure of Samit Ghosh as the MD and CEO of the bank will conclude on November 30, 2019 (the date of his attaining the age of 70 years)," the company said.
Ujjivan Financial Services said the bank's board had proactively initiated the whole exercise of identifying the successor to Samit Ghosh well in advance to enable a smooth transition for his incoming successor. "Chugh will join the bank by August 2019 as president and will work closely with Samit Ghosh, existing MD and CEO, to ensure a smooth transition. Chugh will take charge of the position of MD and CEO of the Bank from December 1, 2019 upon retirement of Samit Ghosh," Ujjivan Financial Services added.
The requisite approval from the shareholders of the bank will be obtained prior to his taking charge. Chugh currently serves as the Group Head of Digital Banking of HDFC Bank. Shares of Ujjivan Financial Services were trading 1.59 per cent lower at Rs 315.80 apiece on BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
12:54 PM IST