Flipkart co-founder Sachin Bansal has announced his resignation from Ujjivan Bank’s board. In a letter to the Board, the Flipkart co-founder stated that he is resigning “in the interest of propriety and corporate governance as an entity owned and controlled by him has made an application to the Reserve Bank of India for a universal banking license”.
Bansal added: “I hereby confirm that there are no other material reasons for my resignation as an Independent Director of the Bank other than those stated above.”
After the massive success of Flipkart, Bansal made an exit from the company when the global retailing giant Walmart acquired it. Bansal now seems focused on the fintech sector. He founded Navi Technologies after quitting Flipkart in May 2018.
Navi Technologies recently acquired MavenHive, a Bengaluru-based technology consulting firm, to push its product development initiatives. Navi Technologies' microfinance arm, Chaitanya India Fin Credit Pvt. Ltd (CIFCPL), has formally approached the Reserve Bank of India (RBI) for a universal banking licence.
Here is the full text of Bansal’s letter to the Ujjivan Small Finance Bank board:
Dear Board Members, I would like to resign as an Independent Director of the Bank with effect from January 27, 2020. Consequently, I shall also cease to be a member of various Board Committees of the Bank. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role. I take this opportunity to place on record my appreciation for the support extended to me by the Board during my tenure. It has been a sincere pleasure to serve on the Board and I wish the management of the Bank every success. Further, as required under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, I hereby confirm that there are no other material reasons for my resignation as an Independent Director of the Bank other than those stated above. Please take this letter on record and file the necessary intimation with the regulatory authorities. Yours faithfully, Sachin Bansal |