The committee will “oversee the operations and administration of the bank in the absence of the Managing Director and CEO with effect from September 16, 2021,” it said.
Last month, the Bengaluru-based company had appointed old hand Carol Furtado to take over as Officer on Special Duty (OSD) till September 30, 2021, following the resignation of Nitin Chugh’s MD and CEO.
She will take over as interim CEO from October.
“The Board of Ujjivan SFB will, in parallel, evaluate suitable candidates for the post of MD and CEO, and submit the two names to RBI for approval,” the lender had said.
Furtado has been associated with Ujjivan SFB since inception and has led the organization in a significant role on several occasions.
He is the head of operations of the bank.
Ujjivan SFB, which commenced operations from February 2017, recently witnessed some top-level exits amid high level of bad assets and management issues.
The lender’s overall recognized stressed pool is 15.6 percent of the loan book. This includes 9.8 per cent of gross non-performing assets and 5.8 per cent of restructured loans.
Also, the risk-at-risk portfolio has increased to 30 per cent by June 2021.
According to experts, the bank’s early-stage strategy to raise deposits from microfinance customers, over-reliance on a weak microfinance business, has led to the current troubles.
Shares of Ujjivan SFB closed at Rs 20.60 on BSE, up 1.23 per cent from the previous close.