Key Event Details

Mr. Sanjeev Nautiyal, Managing Director & Chief Executive Officer (MD & CEO) of Ujjivan Small Finance Bank, expressed his desire to seek early retirement from the Bank via an email dated August 31, 2026, at 6:02 pm IST. The reason cited for his early retirement was health issues.

Board Decision and Effective Dates

The Board of the Bank considered and approved Mr. Nautiyal's request for early retirement in its meeting held on September 01, 2026. He will be on leave with effect from September 01, 2026, until the expiry of his 3-month notice period on November 30, 2026. He ceased to be the MD & CEO and a Key Managerial Personnel of the Bank effective from September 01, 2026. His official retirement from the Bank will be effective November 30, 2026.

Acknowledgment of Contribution

The Board placed on record its appreciation for Mr. Nautiyal's significant contribution and valuable leadership during his tenure of over 2 years with the Bank. The disclosure notes that under his leadership, the Bank made considerable progress in areas including significant growth in the secured book, building a healthy deposit franchise, enhancing digital and analytics capabilities, and establishing a robust risk management & internal control framework.

Succession Plan and Interim Appointment

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Ms. Carol Furtado, the existing Executive Director (Whole-Time Director), as the acting MD & CEO of the Bank with effect from September 01, 2026. This appointment is subject to the approval of the Reserve Bank of India (RBI).

Profile of Interim MD & CEO

Ms. Carol Furtado is described as a seasoned banker with over three decades of extensive experience across business, strategy, operations, people, and institutional functions. She is noted as a key member of the leadership team that laid the foundation for Ujjivan and is recognised for developing leaders, empowering teams, and building a culture of ownership and accountability. In her existing role as Executive Director, she has contributed significantly to business growth, transformation, and organisational development.

Future Succession Process

The Board noted that the Bank's leadership development initiatives and succession planning ensure a seamless transition. The Board will initiate the process of identifying a permanent successor to Mr. Nautiyal and will submit its recommendation to the RBI in due course.

Meeting Logistics

The Board meeting concluded at 11:44 AM on September 01, 2026.

Annexure 1 Details

  • Name: Mr. Sanjeev Nautiyal
  • Designation: Managing Director & Chief Executive Officer
  • Reason for change: Early Retirement
  • Date of Cessation: September 01, 2026 (cessation from role); November 30, 2026 (retirement from Bank)
  • Relationship with other Directors: None

For the appointment of Ms. Carol Furtado:

  • Reason for change: Early retirement of MD & CEO
  • Date of Appointment: September 01, 2026
  • Brief Profile: As detailed above.
  • Relationship with other Directors: None

Additional Information

The intimation is also available on the Bank's website at www.ujjivansfb.bank.in. The letter was digitally signed by Sanjeev Barnwal, Company Secretary & Compliance Officer, on September 01, 2026, at 11:50:54 IST.