The small finance bank’s founder seems to be losing his top executives and investor confidence at a time when stress on the books is building.
On 1 December 2019, when HDFC Bank’s digital banking head Nitin Chugh took the reins at Ujjivan Small Finance Bank from its founder Samit Ghosh, he was given a three-year tenure. But halfway through, in August 2021, Chugh abruptly resigned as managing director and CEO.
Chugh isn’t the lone top-level exit from the bank; 12 people in senior management positions have left in just the last year. There have also been five resignations at the board level, and over 20 resignations two levels below Chugh’s.
The resignations come at a time when the bank is facing mounting stress in its …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi