Ujjivan Financial Services Ltd, the parent of Ujjivan Small Finance Bank, has appointed its company secretary Sanjeev Barnwal as the chief executive.

The earlier head, Carol Furtado, is functioning as the officer on special duty at Ujjivan Small Finance Bank. She is managing day-to-day operations of the bank from 26 August and will continue in this role until CEO Nitin Chugh exits. Post that, she will take charge as the interim CEO, subject to approval from the Reserve Bank of India (RBI). Chugh resigned last month citing personal reasons.

Barnal’s role as CEO of  Ujjivan Financial Services is effective 10 September. He will also continue to be the company secretary and key managerial personnel of the company.  

Barnwal has been a senior team member of the company for over seven years and has played pivotal roles in several key milestones including private equity raise, initial public offering (IPO) and listing, banking licence application and processing, formation of the subsidiary, restructuring through slump sale and listing of the bank.  

 “His corporate and investment banking experience plus his active interactions with the regulators, stock exchanges, investors investment bankers, legal counsels, auditors and long association with Ujjivan will continue to add value in his larger role and responsibility as the CEO of the company," Ujjivan said.