Sachin Bansal steps down as director of Ujjivan Small Finance Bank

The Flipkart co-founder resigned for proprietary reasons as he moves to launch his own digital banking entity

Sachin Bansal has resigned as independent director of Ujjivan Small Finance Bank, a role he took up in May 2019. In a letter to the board members, posted on the exchanges on Tuesday, Bansal said he was stepping down in the interest of propriety and to prevent conflict of interest arising out of the fact that his wholly-owned firm Navi Technologies has applied for a banking license.

“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 —