Nitin Chugh quits as MD & CEO of Ujjivan Small Finance Bank

Nitin Chugh (pictured), the managing director and chief executive officer (MD&CEO) of Ujjivan Small Finance Bank, has resigned from his position sighting personal reasons, effective September 30, 2021. Further, Chugh will cease to be a director of the bank from the same date. And, he will also cease to be key managerial personnel of the bank in terms of section 203 of the Companies Act, 2013. In an exchange filing, the small finance bank said, the board of the bank has taken note of the letter it received from Chugh on August 18, resigning from his position as the MD&CEO of the bank, on August 19 and has appreciated his valuable contribution to the board and the bank during his association. Meanwhile, the bank has added four directors to the board, out of which two are independent directors.