The Ujjivan Small Finance Bank's board of directors has approved the appointment of Carol Furtado as the officer on special duty (OSD) on Wednesday.
Carol Furtado will be handling all the daily operations from August 26, and will serve as the OSD until outgoing MD & CEO Nitin Chugh is in office.
Carol will take charge as the interim Chief Executive Officer, subject to RBI approval, after September 30.
She was the CEO and the promoter of Ujjivan Financial Services and Ujjivan SFB, respectively.
In an interview with Financial Express on August 20, the founder of Ujjivan, Samit Ghosh had said Carol is the top candidate to become the interim CEO of the bank.
The bank said in an exchange filing on Wednesday, that its board had “unanimously” approved the appointment of Carol as the OSD.
The Ujjivan SFB and Ujjivan Financial Services' common director, Samit Ghosh had said that Carol has been a go to person during any major crisis and he is sure that she will lead out of this Covid-19 crisis with flying colours.
Ghosh added, "We do not foresee any near-term major issues in the portfolio quality of the bank. With the provision coverage ratio of 75%, the highest in the industry, we are very well positioned.”
Samit Ghosh further added that the bank is undertaking an “independent” portfolio quality and process audit.
Carol Furtado holds a post graduate diploma in Business Administration, from Mount Carmel Institute of Management, Bangalore and had previously worked with ANZ Grindlays Bank, Bank Muscat and Centurion Bank Ltd for over a period of ten years.