Ms. Carol Furtado takes interim charge as MD & CEO of Ujjivan Small Finance Bank amid Sanjeev Nautiyal’s early cessation
Mumbai, 1 September: Mr. Sanjeev Nautiyal, Managing Director & Chief Executive Officer (MD & CEO) of the Ujjivan Small Finance Bank, has expressed his desire to seek an early retirement from the bank with a 3-month notice period.
The Board of the Bank has considered Mr. Nautiyal’s request for early retirement, and looking at his health issues, the Board respected his decision and approved his request.
He will be on leave w.e.f. today, September 01, 2026, until the expiry of his notice period, i.e., November 30, 2026. He will cease to be the MD & CEO and key managerial personnel of the bank effective today, September 1, 2026.
The Board placed on record its appreciation for the significant contribution and valuable leadership of Mr. Nautiyal during his 2+ year tenure with the Bank. During his stint, the bank made considerable progress across several key levers, including but not limited to significant growth in the secured book, a healthy deposit franchise, enhanced digital and analytics capabilities, and a robust risk management & internal control framework.
Based on the recommendation of the Nomination and Remuneration Committee, the Board has approved the appointment of Ms. Carol Furtado, the existing Executive Director (Whole-Time Director), as the acting MD & CEO of the Bank w.e.f. today, September 01, 2026, subject to the approval of the Reserve Bank of India.
Ms. Carol Furtado is a seasoned banker with over three decades of extensive experience across business, strategy, operations, people, and institutional functions. Carol is a key member of the leadership team that laid the foundation and built Ujjivan throughout the journey.
She is also recognized for developing leaders, empowering teams, and building a culture of ownership and accountability. In her existing role as executive director at Ujjivan Small Finance Bank, she has contributed significantly to business growth, transformation, and organizational development.
The Board further noted that the Bank's established leadership development initiatives and robust succession planning ensure that the organization remains well-equipped to address current operational needs and manage this transition period seamlessly.
The Board stands squarely behind the bank's leadership team and is fully confident that they possess the vision and resilience to navigate challenges and elevate the bank to new heights. The Board will initiate the process of identifying a successor to Mr. Sanjeev Nautiyal and submit its recommendation to the Reserve Bank of India in due course.