Sachin Bansal has resigned as independent director of Ujjivan Small Finance Bank

Sachin Bansal has resigned from the Board of Ujjivan Small Finance Bank Ltd citing that an entity owned and controlled by him has applied for a universal banking licence, according to a regulatory filing.

Chaitanya India Fin Credit, a microlender in which the Flipkart co-founder has a majority stake, had earlier this month said it has applied to the RBI for a universal bank licence.

“I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking licence, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role,” Bansal said. — PTI