Sachin Bansal steps out of Ujjivan Small Finance board
28 January 2020
Sachin Bansal has resigned as an independent director of Ujjivan Small Finance Bank, after his investment firm Navi Technologiesmade an application to the Reserve bank of India (RBI) for a universal banking licence.
The Flipkart co-founder said that he is resigning from Ujjivan Small Finance Bank's board "in the interest of propriety and corporate governance and that there was no other material reason for his resignation.
“I 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.
“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 stated in his resignation letter.
Further, as required under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, I hereby confirm that there are no other material reasons for my resignation as an Independent Director of the Bank other than those stated above,th3 letter further reads.
Bansal thanked the board of the bank for support extended to him during his tenure on the board.
Bansal, through his investment firm Navi Technologies, is focusing on the financial services sector. Navi Technologies' microfinance arm, Chaitanya India Fin Credit Pvt Ltd (CIFCPL), has formally approached the Reserve Bank of India (RBI) for a universal banking licence.
Bansal founded Navi Technologies after moving out of Flipkart in May 2018, following the homegrown e-commerce major’s takeover by global retailing giant Walmart. He also backed several tech startups across sectors.