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Sachin Bansal has resigned as an independent director from the board of Ujjivan Small Finance Bank. The Flipkart co-founder said he had decided to resign as an entity owned and controlled by him has applied to the Reserve Bank of India 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,” he said in his resignation letter, which was uploaded by Ujjivan SFB on the stock exchanges.

He said there is no other material reason for his resignation. “We, hereby, inform you that the bank has received a letter dated January 27from Sachin Bansal tendering his resignation as an independent director of the bank with effect from January 27,” Ujjivan SFB said in a regulatory filing on Tuesday.

Earlier this month, Navi Technologies had said that it has sought a universal banking licence from the RBI through its microfinance arm, Chaitanya India Fin Credit Pvt Ltd (CIFCPL).

Bansal had set up Navi Technologies and is its CEO. In September last year, he had acquired a majority stake in Bengaluru-based Chaitanya Rural Intermdiation Development Services (CRIDS), which runs CIFCPL. Earlier this month, Bansal also bought DHFL General Insurance as part of his plans to focus on the financial services sector.

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