“The bank has received a letter dated August 18, 2021 from Nitin Chugh tendering his resignation from the position of Managing Director and CEO of the Bank w.e.f. close of business hours on September 30, 2021” Ujjivan SFB said in a regulatory filing. “He shall cease to be a Director of the Bank with effect from the aforesaid date.”
In his resignation letter Chugh said that he is resigning due to personal reasons and there are no material reasons.
“The Board of the Bank has taken note of the aforesaid letter today and has appreciated his valuable contribution to the Board and the Bank during his association, the Board wishes him the very best in his future endeavours,” the company said.
Small Finance Bank had roped in Chugh from HDFC Bank in May 2019, he took over the baton from predecessor Samit Ghosh in December 2019. RBI had approved the appointment for three years.
Chugh, a career banker with over 25 years of experience, worked in HDFC Bank since April 2001, and has experience in retail banking sales and distribution, virtual relationship management and digital marketing.