Ujjivan Small Finance Bank names Carol Furtado as Officer on Special Duty

Carol Furtado

Ujjivan Small Finance Bank (Ujjivan SFB) in its Board meeting unanimously approved the appointment of. Carol Furtado, as the ‘Officer on Special Duty (OSD)’.

In this new appointment, she 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. Post September 30, 2021, she will take charge as the Interim CEO, subject to RBI approval.

The board of Ujjivan SFB, in sync, will be evaluating suitable candidates for the Managing Director and CEO position, and submit two names to RBI for approval.

Carol Furtado has been associated with Ujjivan SFB since inception and has spearheaded the organisation on numerous occasions, playing critical roles. She holds extensive experience of over a decade and a half across Business, Operations, and HR, along with her expertise in leading Ujjivan, through various crises, make her an ideal candidate.

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B. A. Prabhakar, Independent Director, Ujjivan SFB, commented, “Carol is well-connected to ground and has a strong knowledge of various aspects of banking. She also has a strong history with Ujjivan, which makes her an ideal candidate for this role. I am confident that her leadership will add a lot of value to the organisation.”

Samit Ghosh, Common Director on Ujjivan SFB and Ujjivan Financial Services Ltd. said “Carol has been our go to person during any major crisis. I am sure she will lead us out of this Covid crisis with flying colours. We do not foresee any near term major issues in the portfolio quality of the Bank. With the provision coverage ratio of 75%, the highest in the industry, we are very well positioned. The Bank is undertaking an independent portfolio quality & process audit. We look towards streamlining the provisioning policy. We are confident of strengthening the organisation and emerge as a stronger Ujjivan!”

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