Money & Banking

RBI appoints additional director on board of Ujjivan SFB

Our Bureau | | Updated on: Nov 29, 2021

P.N. Raghunath, General Manager, RBI, has been appointed for two years

The Reserve Bank of India has appointed P.N. Raghunath, General Manager, Reserve Bank of India, as an Additional Director on the board of Ujjivan Small Finance Bank for a period of two years.

“...we hereby inform you that the Reserve Bank of India vide its letter dated November 29, 2021, has appointed PN Raghunath, General Manager, Reserve Bank of India, Bengaluru, Regional Office, as an Additional Director on the board of the bank for a period of two years with effect from November 29, 2021 to November 28, 2023 or till further orders, whichever is earlier,” Ujjivan SFB said in a stock exchange filing on Monday.

Previously, the RBI had on September 16 appointed a special committee of directors, with three independent directors as members, to oversee the day-to-day operations.

The bank has been facing some amount of turmoil in recent months. Its Managing Director and CEO, Nitin Chugh, resigned earlier this year.

The lender has also had problems with asset quality as gross non-performing assets surged to Rs 1,712.65 crore or 11.8 per cent of gross advances as on September 30, 2021.

Published on November 29, 2021

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