Reserve Bank of India has approved the appointment of Sanjeev Nautiyal as the managing director and chief executive officer of Ujjivan Small Finance Bank, according to an exchange filing on Saturday.
Nautiyal's appointment will take effect from July 1, 2024, for a three-year term. However, the bank announced that Nautiyal would join well before July and assume the interim role of President.
Ittira Davis, the current MD & CEO, will assist Nautiyal in transitioning to his new role. Davis had requested an early release from his term, prompting this arrangement, the exchange filing added.
This development follows the RBI's approval of Davis's re-appointment as MD and CEO for a two-year period starting from January 14, 2023. Davis has been associated with Ujjivan Small Finance Bank since 2015.
During a recent analyst call in Q3 FY24, Davis provided updates on the bank's succession planning process. He said that the board was actively identifying candidates and submitting recommendations to the RBI.
"The succession process is proceeding according to the established timetable, ensuring a seamless transition over the next financial year," Davis said.
Sanjeev Nautiyal currently serves as an independent director of Life Insurance Corporation of India and provides advisory services to various organisations. Previously, he held the position of Deputy MD at State Bank of India until September 2021, overseeing financial inclusion and micro markets domains. He also served as MD and CEO of SBI Life Insurance for two years until May 2020.
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