Ujjivan Small Finance Bank said that Flipkart co-founder Sachin Bansal has resigned from its board as an independent director as a Bansal-owned entity had applied for a universal banking licence.
In a regulatory filing, the bank said that it has "received a letter dated January 27, 2020 from Mr. Sachin Bansal tendering his resignation as an Independent Director of the Bank w.e.f January 27, 2020".
Bansal, according to the BSE filing, said that "I would like to resign as an Independent Director of the Bank with effect from January 27, 2020. Consequently, I shall also cease to be a member of various board committees of the bank."
"Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, felt it was in the interest of propriety and corporate governance that I stepped down from this role," Bansal said.
The Flipkart co-founder acquired a majority stake in microfinance company Chaitanya India Fin Credit in September 2019. The company has applied to the Reserve Bank of India (RBI) for a universal banking licence.