Carol Furtado named as 'Officer on Special Duty' for Ujjivan Small Finance Bank

Ujjivan Small Finance Bank Limited (Ujjivan SFB) held a Board meeting today and unanimously approved the appointment of Ms. Carol Furtado, as the 'Officer on Special Duty (OSD)'. Ms. Furtado 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, Mr. 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 parallel, will evaluate suitable candidates for the MD & CEO position, and submit two names to RBI for approval.

Ms. Carol Furtado has been with Ujjivan SFB since inception and has spearheaded the organisation on numerous occasions, playing critical roles. Her extensive experience, 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.

Mr. 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."

Mr. 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!"

Brief Profile of Ms. Carol Furtado:

Ms. Carol Furtado is a finance professional with over 25 years of experience in leading roles in microfinance & retail banking, in both banking & financial services domain. She was one of the key members of the leadership team that laid the foundation and built Ujjivan. She has been part of Ujjivan Group since 2005 and most recently was designated at Ujjivan SFB as Head of Operations & Service Quality. Subsequently, she moved into Ujjivan Financial Services Ltd., serving as the CEO. She has played several pivotal roles in the microfinance business of Ujjivan and has been instrumental in the successful transformation, into a Small Finance Bank.

She holds a post graduate diploma in Business Administration, from Mount Carmel Institute of Management, Bangalore. She has previously worked in ANZ Grindlays Bank, Bank Muscat and Centurion Bank Limited for over a period of ten years.

Shares of Ujjivan Small Finance Bank Limited was last trading in BSE at Rs. 19.85 as compared to the previous close of Rs. 20.35. The total number of shares traded during the day was 1006557 in over 3153 trades.

The stock hit an intraday high of Rs. 20.6 and intraday low of 19.6. The net turnover during the day was Rs. 20116933.

Source : Equity Bulls

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