Shares of Ujjivan Small Finance Bank were trading in the red on the BSE on Thursday after the bank’s board said it approved the appointment of Carol Furtado as the ‘Officer on Special Duty (OSD)’.
Furtado will be leading the charge of handling the day-to-day operations of the bank from August 26, 2021, and will be serving the bank as ‘OSD’ until outgoing MD & CEO, Nitin Chugh is in office.
"She has been authorised to exercise such powers and perform such functions on behalf of the bank, which was granted and was being exercised by Nitin Chugh in his capacity as Managing Director and CEO of the bank. Post-September 30, she will take charge as the Interim CEO, subject to the RBI approval," the bank said in a statement.
The board of Ujjivan Small Finance Bank also approved the appointment of Banavar Anantharamaiah Prabhakar, who is an Additional Director (Independent), as the part-time Chairman of the bank to fill the vacancy caused due to the resignation of Biswamohan Mahapatra.
As required by the Banking Regulation Act of 1949, the bank will apply to the Reserve Bank of India for prior permission for the aforementioned appointment.
Ujjivan Small Finance Bank MD and CEO Nitin Chugh resigned citing personal reasons, with effect from September 30.
At 11:45 am, shares of Ujjivan Small Finance Bank were trading 0.50 percent lower at Rs 19.75 apiece on the BSE.