Chugh will take over from MD and CEO Samit Ghosh, whose tenure expires on 30 November, when he will attain 70 years of age.
Bengaluru-based bank said that the two executives will be working closely to ensure a smooth transition.
“Chugh who currently appointed as group head of digital banking at HDFC Bank, would bring his years of experience in retail and digital banking to the firm,” said Ghosh on Chugh’s appointment.
“His illustrious track record, combined with exceptional leadership and values, makes him the right choice,” Ghosh added.
Chugh holds a graduate degree from the National Institute of Technology, Kurukshetra and has worked with Standard Chartered Bank and Xerox Corp.
Ujjivan Small Finance Bank, which began its operations in February 2017, has more than 460 branches, 187 asset centres and 275 banking outlets.
It has over 12,000 employees.