RBI Approves Carol Furtado as Interim CEO at Ujjivan Small Finance Bank
In a major leadership development at Ujjivan Small Finance Bank, one of India’s leading small finance banks, the board has authorized the appointment of Carol Furtado as Interim MD & CEO, subject to approval from the Reserve Bank of India (RBI). This appointment follows the unforeseen departure of Sanjeev Nautiyal, the outgoing MD & CEO, who opted to retire early on medical grounds.
The announcement has drawn quick attention from market analysts, institutional investors, and retail investors alike.
Leadership Transition: Reasons for Sanjeev Nautiyal's Resignation
The Exit: Veteran banker Sanjeev Nautiyal, formerly Deputy Managing Director at State Bank of India (SBI) and MD & CEO of SBI Life Insurance, assumed charge of Ujjivan Small Finance Bank in July 2024. Nautiyal stepped down after opting for early retirement on health grounds.
Notice Period & Tenure: Nautiyal ceased to hold the office of MD & CEO and Key Managerial Personnel (KMP) with effect from September 1, 2026. He will remain on leave through his three-month mandatory notice period and formally exit the bank on November 30, 2026.
Succession Planning: The Board has promptly appointed Executive Director Carol Furtado to ensure seamless operations and regulatory compliance during the transition, and the bank is awaiting clearance from the banking regulator.
Executive Comparison: Outgoing vs. Interim Leadership
Parameter | Sanjeev Nautiyal (Outgoing MD & CEO) | Carol Furtado (Interim MD & CEO) |
Status / Role | Early retirement (on leave w.e.f. Sept 1, 2026) | Interim MD & CEO (effective Sept 1, 2026; subject to RBI approval) |
Total Industry Experience | ~3 decades in commercial & public banking | 29–30 years across retail banking & NBFCs |
History with Ujjivan | Joined as regular MD & CEO in July 2024 | Founding team member; with Ujjivan since inception |
Prior Institutions | State Bank of India (SBI), SBI Life Insurance | ANZ Grindlays Bank, Bank Muscat, Centurion Bank |
Core Domain Expertise | Large-scale banking transformation, digital scale | Operations, credit, HR, service quality, microfinance |
Mandate Scope | Long-term strategic consolidation & scaling | 3-month interim continuity & operational stability |
About Carol Furtado
A sudden change in leadership usually calls for someone with deep experience and institutional credibility. Carol Furtado has been a backbone of Ujjivan Small Finance Bank since its formative years.
Decades of Banking Experience: Furtado brings 29–30 years of experience and deep expertise in retail banking, microfinance, and NBFC operations.
Core Member – Founding Team: Furtado played a key role in Ujjivan’s early development and helped lead its transformation from an NBFC-MFI into a scheduled small finance bank.
Multi-Functional Track Record: Furtado has held many essential responsibilities within the organization, including credit underwriting, business operations, human resources, organizational governance, and internal processes that determine institutional standards.
Institutional Pedigree: Her career spans international and domestic banking institutions, including ANZ Grindlays Bank, Centurion Bank, and Bank Muscat, before she joined Ujjivan.
Educational Background: She is a postgraduate from Mount Carmel Institute of Management, Bengaluru, and has completed executive leadership programs at IIM Ahmedabad and Harvard Business School.
Board Appoints Carol Furtado as Acting CEO, Pending RBI Nod
The board’s swift move underscores the urgency of filling management gaps at scheduled commercial banks such as Ujjivan.
Term and Scope: Carol Furtado is authorized to head Ujjivan SFB for a term not exceeding three months from September 1, 2026, or until the tenure of a permanent MD & CEO begins, whichever is earlier. She has full executive responsibility for credit growth, day-to-day operations, risk management procedures, and ensuring the bank complies with all regulatory requirements.
Constitution of a Succession Committee: The Nomination & Remuneration Committee, a specialized committee of the bank’s Board of Directors, will screen internal and external candidates and forward suitable names to the RBI for clearance, following standard statutory protocol.
Strengthening the Leadership Bench: A New Strategic Playbook
The CEO transition comes alongside a broader effort to derisk the bank’s asset portfolio and build a clear strategic framework for growth in secured lending.
Vikas Agrawal Named Business Head for MSME: Ujjivan Small Finance Bank has appointed Vikas Agrawal as its new Business Head for the MSME division, with an objective to scale up secured loans and make it a key driver of growth for the business. Agrawal brings over 25 years of experience in the Indian banking sector, with a significant part of his career spent at ICICI Bank, where he led national MSME product initiatives.
Change in Unsecured Lending Practices: In response to rising stress in the unsecured microloan segment, the bank has shifted toward a more diversified lending mix, focusing on growth in formal MSME lending, affordable housing finance, and auto loans.
Core Resilience of the Brand: Ujjivan SFB has maintained consistent quarter-on-quarter growth, supported by strong net interest margins and continued traction in client and deposit acquisitions.
Ujjivan SFB Share & Market Sentiment Impact
The abrupt exit of a key member of the management team typically impacts market sentiment, leading to short-term volatility.
Market Reaction: Ujjivan SFB shares fell in a swift price correction on the BSE following the announcement, before selling pressure eased.
Market Sentiment vs. Fundamentals: Some analysts note that leadership changes typically cause a short-term valuation overhang, but expect Furtado’s appointment to support operational continuity while the bank conducts a deliberate, planned search for a permanent successor.
Frequently Asked Questions (FAQs)
1. Why did Ujjivan Small Finance Bank appoint an Interim CEO?
Sanjeev Nautiyal, the MD & CEO, opted for early retirement on health grounds. In the interest of continued operational continuity, regulatory compliance, and business progression at Ujjivan SFB, Executive Director Carol Furtado has been named interim MD & CEO of the bank, subject to RBI approval.
2. How long will Carol Furtado serve as Interim CEO?
The Ujjivan SFB board has appointed Carol Furtado as interim MD & CEO, effective September 1, 2026, subject to approval from the Reserve Bank of India (RBI). The appointment is intended to run for a term not exceeding three months, or until the RBI approves a permanent MD & CEO, whichever comes first.
3. What was Carol Furtado's role before she became interim CEO?
Immediately before her interim appointment, Carol Furtado served as Executive Director and Whole-Time Director of Ujjivan Small Finance Bank. Earlier in her career at the bank, she also held the role of Chief Business Officer.
5. What is Ujjivan SFB's strategic direction going forward?
Ujjivan SFB’s strategy under Carol Furtado is to strengthen its secured lending portfolio, with a push into both MSME and affordable housing finance. The bank also aims to consolidate its existing deposit base and enhance long-term institutional value while maintaining growth.
4. How did the stock market react to the change in leadership?
Shares of Ujjivan SFB fell following news of Carol Furtado’s nomination as interim CEO and the surprise early retirement of Sanjeev Nautiyal. Such leadership changes often trigger short-term market jitters.
6. When is Ujjivan SFB expected to appoint a permanent MD & CEO?
The bank’s Nomination and Remuneration Committee is screening candidates. The shortlisted panel will be referred to the RBI for statutory clearance, and the process is likely to be completed within the three-month interim period.
