SBI DMD Nitin Chugh exits as contract term ends, digital role concludes

SBI Deputy Managing Director Nitin Chugh, who led the bank's digital banking and transformation initiatives including YONO 2.0, has exited following the conclusion of his contract

State Bank of India (SBI) on Monday said Nitin Chugh, Deputy Managing Director in charge of digital banking and transformation, has been relieved of his duties effective March 2 following the conclusion of his contract with the bank.

 

“… we inform that the contract period of Nitin Chugh, Deputy Managing Director & Head (Digital Banking & Transformation) is concluding on March 3. Accordingly, he has been relieved from the services of the bank at the close of business hours on March 2,” the bank said in an exchange filing.

 

Chugh joined SBI in March 2022 to drive the bank’s digital banking operations. He was a lateral hire to the bank from the private sector.

 

 

Prior to his appointment at SBI, Chugh served as the MD & CEO of Ujjivan Small Finance Bank. He joined the bank in August 2019 and quit in September 2020 citing personal reasons.

 

Before Ujjivan Small Finance Bank, Chugh was with HDFC Bank for over 18 years, where he headed digital banking for the bank.

 

Recently, SBI launched YONO 2.0, a reimagined version of its digital platform, aiming to compete with UPI heavyweights such as PhonePe and Google Pay. Chugh’s department was instrumental in launching the renewed version of the app. SBI is targeting a doubling of YONO users to 200 million from the current 9.6 million with the launch of the revised version of the app.