Ujjivan Small Finance Bank Limited has appointed Nitin Chugh as its next Managing Director & CEO with effect from December 1, 2019. The Bank has already received the approval of its application for this appointment, from the Reserve Bank of India (RBI) on May 14, 2019. However, the appointment is subject to the approval of shareholders at the ensuing Annual General Meeting of the Bank.
The new appointment comes after the end of an extensive search undertaken by the board as a part of the succession planning process as the bank’s current MD & CEO, Samit Ghosh retires on November 30, 2019.
Chugh will replace Gosh and join the Bank by August 2019 as President and will work closely with Samit Ghosh, existing MD & CEO to ensure a smooth transition. Then from Nitin Chugh December 1, 2019, he will officially take on the role of MD & CEO. The
Samit Ghosh happily welcomes his successor and shares, “On behalf of the Board of Directors and the 15,000+ Ujjivanites, I am delighted to welcome Nitin to Ujjivan Small Finance Bank. He brings in extensive experience in Retail and Digital Banking from a highly acclaimed bank. His illustrious track record combined with exceptional leadership and values makes him the right choice to take Ujjivan to its destined journey of becoming a leading mass market bank. I wish him the very best and success in this journey.”
Chugh is also excited to join the bank and looks forward to working with the Ujjivan team and all the stakeholders very closely, towards achieving its mission of financial inclusion.
Currently, Chugh works as the Group Head of Digital Banking at HDFC Bank. He has a total experience of 25 years and an extensive experience in retail banking sales and distribution (credit cards, retail assets, branch, and phone banking), virtual relationship management and digital/direct marketing. He also has headed product management for deposits & institutional sales.
Prior to HDFC Bank, he was with Standard Chartered Bank where he primarily worked in vehicle finance. He started his career with HCL HP and Xerox Corporation in various managerial and sales roles.
Now all the experience and knowledge gained by Chugh over his professional life will help him drive Ujjivan Small Finance Bank towards its next phase of growth as the sector holds a lot of opportunities.