Flipkart co-founder Sachin Bansal has resigned as an Independent Director of Ujjivan Small Finance Bank. The reason he cited for his resignation from Ujjivan Small Finance Bank’s board is that it is in the interest of propriety and corporate governance as an entity owned and controlled by him has made an application to the Reserve Bank of India for a universal banking license.
Ujjivan Small Finance Bank has announced in its regulatory filing that it received Bansal’s resignation letter dated January 27 and that the Board of Directors has taken a note of it. A copy of his resignation letter was attached in the filing.
Bansal mentioned in the letter that he would like to resign as an Independent Director of the Bank with effect from January 27, 2020. He mentioned “Consequently, I shall also cease to be a member of various Board Committees of the Bank.”
Bansal, through his investment firm Navi Technologies, will be focusing on the financial services sector, including insurance and banking. Recently, Navi Technologies’ microfinance arm, Chaitanya India Fin Credit Pvt. Ltd (CIFCPL), has formally approached the Reserve Bank of India for a universal banking licence.
Sachin Bansal founded Navi Technologies after moving out of Flipkart in May 2018, post the e-commerce major’s acquisition by the retailer giant Walmart. Bansal has also backed several tech startups across sectors.
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