Flipkart’s Co-founder Sachin Bansal has been appointed as an independent director of Ujjivan Small Finance Bank Limited that is planning to upgrade itself to establish itself as a mass-market bank. This will be Ujjivan managements second big futuristic move and is also considered a sagacious one after it appointed Nitin Chugh, HDFC Bank’s digital banking head as its next chief executive.
Sachin Bansal will be joining the bank board on 1st June, while Nitin Chugh will be joining the bank in August where he will be succeeding Samit Ghosh on 1st December. Ujjivan Finacial Services is a holding firm for the bank that has posted an annual net profit at Rs 198.4 crore, in comparison to Rs 7.3 crore in the previous fiscal, with profit growths surged by 46 percent with a rise in loan asset to Rs 11,049 crore with strong asset quality.
Sachin Bansal happens to be one of the first internet entrepreneurs that went on to change the consumer market by bringing new reforms in the retail segment. Bansal is keen on exploring opportunities at the intersection of technology as well as user experience in banking domain. Considering the two high profile appointments in the Ujjivan Small Finance Bank Limited, it will be interesting to see how the bank will become a mass-market bank.