Sachin Bansal, co-founder of Flipkart, resigns as director of Ujjivan Small Finance Bank

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Sachin Bansal, who founded Navi Technologies after leaving Flipkart in 2018, will now focus on the financial services sector, including insurance and banking.

Sachin Bansal, co-founder of Flipkart, resigns as director of Ujjivan Small Finance Bank
Flipkart co-founder Sachin Bansal. (Image: Twitter)

In his letter of resignation, Bansal stated that he had applied to the Reserve Bank of India for a universal banking license from the Board of Directors of Ujjivan Small Finance Bank "in the interests of orderliness and governance as a company he controls."

"I would like to step down as the bank's independent director effective January 27, 2020. As a result, I will no longer be a member of various bank board committees," he wrote in the letter.

Bansal, who founded Navi Technologies after leaving Flipkart in 2018, will now focus on the financial services sector, including insurance and banking. Earlier this month, Navi Technologies announced that its microfinance arm Chaitanya India Fin Credit Pvt. Ltd. Ltd (CIFCPL) has officially contacted the Reserve Bank of India (RBI) to obtain a universal banking license.

"Given the fact that a company that I own and control that I have applied to RBI for a universal banking license, it was only appropriate to me, for reasons of orderliness and governance, that I resigned from that role, "he said. There was no other significant reason for his resignation.

The bank has confirmed that it has received Bansal's letter of resignation dated January 27, and the board has noted this.

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