Ujjivan Small Finance Bank, a subsidiary of the listed entity Ujjivan Financial Services, Friday announced the appointment of Nitin Chugh as its next Managing Director and Chief Executive Officer (CEO) for a period of three years with effect from December 1,2019. The Reserve Bank of India gave its approval on 14 May.
“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.
Chugh said he is looking forward to working with Ujjivan’s team to achieve “its mission of financial inclusion”. Shares of Ujjivan’s Financial Services were trading 2.9% down at Rs. 311.6 apiece at the time of publication.
A graduate from the National Institute of Technology, Kurukshetra, Nitin Chugh is a career banker with over 25 years of experience. He has worked with Standard Chartered Bank and Xerox Corp. Currently, Nitin Chugh is Group Head of Digital Banking of HDFC Bank.