Mumbai: Ujjivan Small Finance Bank’s Managing Director and Chief Executive Officer Sanjeev Nautiyal has opted for early retirement due to health issues, prompting the lender to appoint Executive Director Carol Furtado as acting MD and CEO.
Furtado’s appointment took effect on September 1, 2026, but remains subject to approval from the Reserve Bank of India, an exchange filing said.
Nautiyal ceases as MD and CEO
Nautiyal submitted his early-retirement request by email on August 31, giving the bank three months’ notice. The board approved his request, citing his health concerns.
He ceased to be MD, CEO and key managerial personnel from September 1. He will remain on leave until his notice period expires on November 30, when he will retire from the bank.
The board acknowledged Nautiyal’s leadership and contribution during his tenure of more than two years.
It said the bank made considerable progress under him, including growth in its secured loan book, a healthier deposit franchise, stronger digital and analytical capabilities, and improvements in risk management and internal controls.
Carol Furtado takes interim charge
Furtado has more than three decades of banking experience spanning business, strategy, operations, people management and institutional functions.
She is part of the leadership team that helped establish and develop Ujjivan. In her current role as executive director and whole-time director, she has contributed to business growth, transformation and organisational development.
The board approved her appointment following a recommendation from the Nomination and Remuneration Committee.
Search for permanent successor begins
Ujjivan Small Finance Bank said it would begin identifying a permanent successor to Nautiyal. Its recommendation will be submitted to the RBI in due course.
The lender said its leadership-development initiatives and succession-planning framework would help maintain smooth operational continuity during the transition.
The board also expressed confidence in the leadership team’s ability to manage requirements, successfully navigate challenges and support the bank’s future growth.
Disclaimer: This article is based on Ujjivan Small Finance Bank’s exchange filing and is intended solely for informational purposes, not investment advice.
