The Small Finance Bank has constituted a special committee of three independent directors to oversee the operations and administration of the bank in the absence of the regular Chief Executive.

NS Reserve bank The Government of India approved it.

A person familiar with the matter said that the board’s chairman BA Prabhakar, Ravichandran Venkataraman and Rajni Mishra are members of the committee.

Will report to the entire senior leadership of the bank committee of directorsThe bank is facing a void in the top management with the resignation of Chief Executive Nitin Chugh last month. Chief Financial Officer Upma Goyal also resigned in July. Both the banks officially opened on 30 September. will exit.

Within days of Chugh’s resignation, the bank selected Carol Furtado as interim chief executive.

Ujjivan is in the midst of turmoil coupled with high asset quality stress and management woes. The gross non-performing assets of the bank increased to 9.5% at the end of June, from only 1% as on March 31, 2020. Its employee layoff rate has remained around 20% for the past few years.