Ujjivan Small Finance Bank MD Nitin Chugh has submitted his resignation as MD and CEO, the bank has given this information to the exchange. His resignation will be effective from 30 September 2021. In the information given to the stock exchange BSE, the bank said that on August 18, a letter was received from Nitin Chugh. In this, while resigning from the post of Managing Director and CEO of the bank, it has been told that due to personal reasons, he has taken this step. Let us inform you that Ujjivan Small Finance Bank had appointed Nitin Chugh as Managing Director (MD) and Chief Executive Officer (CEO) for a period of three years in May 2019. He got this post after leaving Samit Ghosh.
Who is Nitin Chugh
In August 2019, Nitin Chugh joined the bank as the chairman of the bank. He worked for a few days with the then MD and CEO Samit Ghosh. Chugh took over as the MD and CEO of the bank on 1 December 2019. Earlier Nitin Chugh was the Head of Digital Banking Group of HDFC Bank.
Know about Ujjivan Small Finance Bank
The central government had given license to 10 small finance banks in 2015. However, the business activities of small finance banks are limited as compared to large commercial banks.
50% of the loan portfolio of such banks should be in the category of up to Rs 25 lakh. If you understand in simple words, there is a ban on giving big loans to these banks.
Due to this, it is almost impossible to create big problems in front of them. It has often been seen that the problems of recovery or fraud of large loans given by banks are more exposed.
They pay more interest than ordinary banks. On this, experts say that there is a large amount of cash available with public and private banks. So they show less interest in getting more deposits.
On the other hand, it is the opposite with small finance banks. Hence Small Finance Banks offer higher interest on deposits to get maximum deposits. So there is no problem in investing in small finance banks.
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