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Ujjivan Small Finance Bank appoints Nitin Chugh as MD, CEO from Dec 1

Press Trust of India  |  New Delhi 

Ujjivan Small Finance Bank, a subsidiary of the listed entity Ujjivan Financial Services, Friday announced the appointment of as its MD and for a period of three years with effect from December 1, 2019.

The of India (RBI) has approved Chugh's appointment, said in a BSE filing.

"This appointment comes at the end of a succession planning process undertaken by the as the present tenure of as the MD and of the will conclude on November 30, 2019 (the date of his attaining the age of 70 years)," the company said.

said the bank's board had proactively initiated the whole exercise of identifying the successor to well in advance to enable a smooth transition for his incoming successor.

"Chugh will join the bank by August 2019 as and will work closely with Samit Ghosh, existing MD and CEO, to ensure a smooth transition. Chugh will take charge of the position of MD and of the Bank from December 1, 2019 upon retirement of Samit Ghosh," added.

The requisite approval from the shareholders of the bank will be obtained prior to his taking charge.

Chugh currently serves as the Group of Digital Banking of

Shares of Ujjivan Financial Services were trading 1.59 per cent lower at Rs 315.80 apiece on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 17 2019. 11:41 IST