Sachin Bansal Resigned from USFB

Published on January 27, 2020
Current context: Flipkart co-founder Sachin Bansal has resigned as an independent director of Ujjivan Small Finance Bank (USFC) on 27th January 2020.
Sachin Bansal Resigned from USFB 
  • He resigned from Ujjivan Small Finance Bank's board "in the interest of propriety and corporate governance as an entity owned and controlled by him has made an application to the Reserve Bank of India for a universal banking license."
  • The Flipkart co-founder Bansal founded Navi Technologies after moving out of Flipkart in May 2018.
  • Bansal, through his investment firm Navi Technologies, is focusing on the financial services sector.
  • Navi Technologies' microfinance arm, Chaitanya India Fin Credit Pvt. Ltd (CIFCPL), has formally approached the Reserve Bank of India (RBI) for a universal banking licence.
  • In his letter to the Board, Sachin Bansal has written that he would like to resign as an Independent Director of the Bank with effect from January 27, 2020.
  • Ujjivan Financial Services Limited (UFSL) commenced operations as an NBFC in 2005.
  • On 7, October, 2015, UFSL received RBI In-Principle Approval to set up a Small Finance Bank (SFB), following which it incorporated Ujjivan Small Finance Bank Limited as a wholly-owned subsidiary.
  • UFSL, subsequent to obtaining RBI Final Approval on November 11, 2016 to establish and carry on business as an SFB, which commenced its operations from 1, February, 2017.
  • USFB Founder: Samit Ghosh
  • USFB Founded: 1st February 2017

Question: 

Q.1 Flipkart co-founder _______________ has recently resigned as an independent director of Ujjivan Small Finance Bank (USFC)?
a. ‎Sachin Bansal‎
b. ‎Binny Bansal
c. Suresh Bansal
d. Bhupesh Bansal

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