<p dir="ltr">Flipkart co-founder Sachin Bansal has resigned from the board of Ujjivan Small Finance Bank Ltd stating that an entity owned and controlled by him has applied for a universal banking licence, according to a regulatory filing. Bansal's firm, Navi Technologies, has applied to the Reserve Bank of India for a universal banking license, through its microfinance arm, Chaitanya India Fin Credit. </p>.<p dir="ltr">Bansal has picked up a majority 94% stake for Rs 739 crore in the Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS) in September last year and had taken over as the CEO of the company.</p>.<p dir="ltr">"Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role. I would like to resign as an Independent Director of the Bank with effect from January 27, 2020. Consequently, | shall also cease to be a member of various Board Committees of the Bank." the letter by Sachin Bansal to the directors of Ujjivan Small Finance Bank Limited said. </p>.<p dir="ltr">Ujjivan Small Finance in the filing said, "The bank has received a letter dated January 27, 2020 from Sachin Bansal tendering his resignation as an independent director of the bank."</p>.<p dir="ltr">Chaitanya offers loans to low-income customers in rural areas on the joint-liability-group lending model, has made an application under the RBI’s On-Tap Banking License Guidelines, earlier this month. It operates via 40 branches in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand.</p>
<p dir="ltr">Flipkart co-founder Sachin Bansal has resigned from the board of Ujjivan Small Finance Bank Ltd stating that an entity owned and controlled by him has applied for a universal banking licence, according to a regulatory filing. Bansal's firm, Navi Technologies, has applied to the Reserve Bank of India for a universal banking license, through its microfinance arm, Chaitanya India Fin Credit. </p>.<p dir="ltr">Bansal has picked up a majority 94% stake for Rs 739 crore in the Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS) in September last year and had taken over as the CEO of the company.</p>.<p dir="ltr">"Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role. I would like to resign as an Independent Director of the Bank with effect from January 27, 2020. Consequently, | shall also cease to be a member of various Board Committees of the Bank." the letter by Sachin Bansal to the directors of Ujjivan Small Finance Bank Limited said. </p>.<p dir="ltr">Ujjivan Small Finance in the filing said, "The bank has received a letter dated January 27, 2020 from Sachin Bansal tendering his resignation as an independent director of the bank."</p>.<p dir="ltr">Chaitanya offers loans to low-income customers in rural areas on the joint-liability-group lending model, has made an application under the RBI’s On-Tap Banking License Guidelines, earlier this month. It operates via 40 branches in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand.</p>
