Chugh currently serves as the Group Head of Digital Banking of HDFC Bank
Ujjivan Small Finance Bank Limited has appointed Nitin Chugh as its next Managing Director and Chief Executive Officer (CEO) from December 1, 2019.
The appointment comes at the end of an extensive search undertaken by the board as a part of the succession planning process, pursuant to the upcoming retirement of the bank’s current MD and CEO, Samit Ghosh, on November 30, 2019.
The bank has received the approval of its application for Chugh’s appointment, from the Reserve Bank of India (RBI) on May 14, 2019. Nitin Chugh will join the bank by August 2019 as President and will work closely with Samit Ghosh, existing MD and CEO to ensure a smooth transition.
He will take over as the MD and CEO from December 1, 2019 upon the Samit Ghosh’s retirement. The appointment is subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.
Speaking on this occasion, Samit Ghosh said “On behalf of the Board of Directors and the 15,000+ Ujjivanites, I am delighted to welcome Nitin to Ujjivan Small Finance Bank. He brings in extensive experience in Retail and Digital Banking from a highly acclaimed bank. His illustrious track record combined with exceptional leadership and values, makes him the right choice to take Ujjivan to its destined journey of becoming a leading mass market bank. I wish him the very best and success in this journey.”
Commenting on his appointment, Nitin Chugh said, “I am honoured to be part of the Ujjivan family, which began its journey as a leading microfinance institution and transformed itself into a reputable Small Finance Bank. I look forward to working with the Ujjivan team and all the stakeholders very closely, towards achieving its mission of financial inclusion.”