Ujjivan Small Finance Bank has received Reserve Bank of India approval for Executive Director Carol Furtado to serve as the interim Managing Director and CEO. The appointment is effective September 1, 2026, for a period of three months or until a permanent successor is appointed.

This regulatory nod follows the resignation of Sanjeev Nautiyal, who stepped down effective September 1, 2026, citing health reasons. Nautiyal will remain on leave until November 30, 2026, serving out his three-month notice period before fully retiring from the bank.

Leadership Transition and Investor Call

The Board had previously approved Nautiyal’s early retirement request submitted on August 31, 2026. During his tenure of over two years, Nautiyal was credited with significant contributions to the bank’s growth in the secured loan book, expansion of the deposit franchise, and enhancements to digital capabilities and risk management frameworks.

Furtado assumes the role immediately, ensuring leadership continuity during the transition period. A seasoned banker with more than three decades of experience, her background spans business strategy, operations, and institutional functions. The Board noted her role in driving business growth and organizational development in her existing capacity as Executive Director.

In an investor call held on September 1, 2026, Chairman B.A. Prabhakar clarified that Nautiyal’s exit was solely due to health concerns, with no material issues regarding business strategy or bank operations. He assured stakeholders that the bank operates with strong governance standards and robust internal controls.

Succession Planning and Timeline

The Board confirmed that established leadership development initiatives ensure operational continuity during this transition. It plans to identify a permanent successor for Nautiyal and submit recommendations to the RBI in due course.

Prabhakar stated that the search process, originally planned for October-November, has been expedited. The Board aims to submit names to the regulator within three to four months. Considering the typical cooling-off period for new candidates, a permanent MD may take approximately six months to join. Internal candidates will be considered, with Furtado expressing interest in the permanent role.

Business Outlook and FY27 Guidance

Despite the leadership change, management reaffirmed its commitment to meeting FY27 guidance. Furtado highlighted that Q1 loan book growth stood at approximately 29% year-on-year, with Gross Non-Performing Assets (GNPA) at 2.2%. The secured loan book share has grown past 50%, reflecting the bank’s diversification strategy.

On the liability side, the bank grew its Current Account Savings Account (CASA) book by 38% year-on-year in Q1, maintaining an overall cost of funds at 6.9%. Management noted that asset quality trends in both secured and unsecured businesses have tracked better or in line with Q1 performance, with no major impact observed from El Niño effects.

New Appointments

The bank also announced the appointment of Vikas Agarwal as Business Head, MSME. Agarwal is a Chartered Accountant with over 25 years of experience across MSME, business banking, retail banking, credit, product development, and distribution.

This intimation was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting concluded at 11:44 am on September 1, 2026.

Ujjivan Small Finance Bank has published the audio recording of its investor call held on September 1, 2026. The session focused on the recent change in the bank’s directorate.

The disclosure was issued under Regulation 30 read with Clause 15 of Paragraph A in Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sanjeev Barnwal, Company Secretary & Head of Regulatory Framework, signed the intimation.

Conference Call Details

The session was led by senior management, including Chairman Banavar Anantharamaiah Prabhakar and Whole Time Executive Director Carol Furtado. Other key participants included Chief Financial Officer Sadananda Balakrishna Kamath and Chief Credit Officer Ashish Goel.

Accessing the Recording

Investors can access the audio recording on the bank’s website at ujjivansfb.bank.in. The full intimation is also available on the site.