Former Flipkart founder Sachin Bansal, who has recently applied for a universal banking license, has resigned as an independent director of Ujjivan Small Finance Bank. He said he is resigning from the board of the bank 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. Bansal, through the microfinance arm Chaitanya India Fin Credit of investment firm Navi Technologies, has formally approached the Reserve Bank of India for a universal banking license. Bansal founded Navi Technologies after moving out of Flipkart in May 2018.
