Tag: Ujjivan Small Finance Bank

Rapid digitisation of banks invites cyber risks as well. What are the risks, and what should banks do?, BFSI News, ET BFSI

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-By Ishwari Chavan

The banking sector has always been victim of cyberattacks, and with COVID-19, it has become more vulnerable. Cyberattacks against banks and financial institutions across the globe increased to 238% between February 2020 and April 2020, according to VMware Carbon Black.

According to the Indian Computer Emergency Response Team (CERT-In), over 2.9 lakh cyberattacks related to digital banking were reported in 2020. A total number of 1,59,761; 2,46,514 and 2,90,445 cyber security incidents related to digital banking were reported during 2018, 2019 and 2020 respectively. These incidents included phishing attacks, network scanning and probing, viruses and website hacking.

Year Number of cyber security incidents
2018 1,59,761
2019 2,46,514
2020 2,90,445

Source: Indian Computer Emergency Response Team

“The kind of security threats that we see whether it is a remote mirroring of applications, localization of your data stores in your mobile, hijacking of your sessions, social engineering attacks, all of those are very easy things to do. You don’t need real hackers to do that, smart people can do this too. That’s what has happened in the banking sector where we’ve seen a lot of increase in fraud, whether it’s on the UPI side or the traditional payment side,” said Ramesh Lakshminarayan, chief information officer at HDFC Bank.

According to Heeral Sharma, senior cyber security advisor at McAfee, three challenges must be tackled to ensure cyber safety. First is the challenge of internal IT security, second is digitization of applications and of critical data such as payments and personally identifiable information (PII), and third are cloud native threats.

What are the risks?

More and more individuals are now accessing their bank accounts through banks’ mobile apps. Many of these apps, and even customers, tend to have minimal or no security, such as users keeping easy passwords or banks keeping minimum password checks for transactions.

“The cloud threats in the BFSI segment increased by 571%, which is huge. The reason is simple, the network boundaries are no longer defined. It’s all borderless. So the attackers have found out new ways to get in and penetrate at times even by using legitimate credentials.” said Sharma.

Cyber security infrastructure as a whole needs an upgrade. Banks need to rightfully utilise their cyber security budget to help advance their technology and detect all kinds of risks.

As banks have upgraded their cyber security, attackers have turned to shared banking systems and third-party networks to gain access. In case, these are not as protected, there is more risk for cyberattacks.

Even for cryptocurrency, hacks have become more advanced as the segment is still unsure on how to implement cyber security.

What should banks do?

Banks should prioritise investing in cybersecurity and build a resilient infrastructure, to address current cyber security threats and prepare for challenges in the future.

“When we talk about digital we talk about investments. Our investments will also go into the cybersecurity segment as we move towards digitization. There should not be any compromise as far as the data securities and the Data Protection Service securities are concerned,” said Upma Goel, chief financial officer at Ujjivan Small Finance Bank.

Sharma stressed on how data protection requires a completely different approach so that banks are aware on what’s happening in the cloud. “Data protection, threat protection and network security model all built in together will provide a better approach and also take care of the complexity in the multi state and collaborative environment,” she said.

“If you look at the entire security landscape, right from an employee experience to the customer experience to our own, huge disruptions are happening in the area,” Lakshminarayan said. Banks are required to reimagine some of their own technology and adapt to a three-year or four-year journey, he added.

The article is based on the panel discussion on: Fireside Chat on Bankers Chariot, Riding on Tech that took place at ETBFSI CXO conclave



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Stabilising Ujjivan Small Finance Bank first priority for new management, other future plans on slow lane, BFSI News, ET BFSI

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The future strategy of Ujjivan Small Finance Bank detailed in the annual report has just turned irrelevant.

While the bank had listed a slew of digital-centric innovations to increase product suite and improve customer outreach in its latest annual report signed by outgoing chief executive Nitin Chugh, the new management has put stability as its foremost priority, pushing everything else to the backburner for the time being.

The annual report said the bank plans to enhance its payments and ecommerce presence through fintech partners and scale up business segments such as gold loans, farm loans and loans to small and medium enterprises in FY22.

“Forget all that, our first focus is to stabilise the portfolio and the organisation,” a senior executive close to the current management told ET, in what could well be a reflection of the alleged conflict between the previous and current management.

Ujjivan founder and former managing director Samit Ghosh, who has been brought back on the bank’s board as an additional director, declined to comment.

Chugh resigned last month citing personal reasons. It is widely viewed that Ujjivan Financial Services, the holding firm for the bank, was unhappy with Chugh’s handling of asset quality following the pandemic-led stress. The promoter also expressed concerns over high attrition with several senior and middle-level executives leaving the bank.

The bank’s gross non-performing assets jumped to 9.5% at the end of June from merely 1% as of March 31, 2020. Attrition rate was nearly 20%.

Following Chugh’s exit, the group selected Carol Furtado, who was a founding member of Ujjivan Financial Services, as its interim chief executive. Chugh will officially leave the bank on September 30.

“We expect FY22 to be a year of reasonable growth and stabilisation as we retain our sharp focus on improving our earnings, maintaining a healthy portfolio quality with emphasis on digitisation that would enhance our diverse product offerings,” Chugh said in the annual report for FY21.

The bank’s digitalisation process gained steam during his two-year stint.

“Going forward, we aim to strengthen our end-to-end process digitalisation efforts and use the power of digital as a new customer acquisition and service channel,” the bank said in the annual document for shareholders. “We will also leverage the power of analytics for actionable insights for data-driven decision making. We will continue to leverage our full-stack API banking platform to partner with the fintech ecosystem for faster time to market and innovative products and solutions for our customers,” it said.

While the first half of the financial year for Ujjivan went by navigating through the pandemic-led crisis compounded by the second wave, the next three-to-four months would be invested in bringing stability at the board and the management level. Several board members including chairman B Mahapatra Mona Kachhwaha, Ittira Davis and Harish Devarajan had left over the past few months.

The new management would also focus on an imminent reverse merger in the next few months. The bank, which completes five years of operations on January 31, 2022, is allowed by the Reserve Bank of India to reverse merge itself with the holding company.



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Ujjivan Financial Services appoints Sanjeev Barnwal as CEO, effective Friday, BFSI News, ET BFSI

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Ujjivan Financial Services today appointed Sanjeev Barnwal as the company’s chief executive offer, with effect from Friday, the company said in an exchange filing.

Barnwal will continue to serve as the Company Secretary and Key Managerial Personnel, and was unanimously approved by the board’s Nomination and Remuneration Committee.

According to reports, the position at Ujjivan Financial Services was left vacant after Carol Furtado, who was appointed as the CEO on August 13, resigned to be the interim CEO of Ujjivan Small Finance Bank Limited, after Nitin Chugh‘s abrupt exit.

Nitin Chugh resigned from the position of Managing Director and CEO of Ujjivan Small Finance Bank on August 19 on account of personal reasons.

Also read : Nitin Chugh resigns as MD and CEO of Ujjivan SFB for personal reasons

Barnwal has been with the the company for over seven years and has played pivotal roles in key milestones including private equity raise, IPO and listing, banking licence application and processing, among others.

Prior to Ujjivan, Barnwal worked with SMC Capitals Limited as Associate Vice President and Company Secretary.

In April, shareholders of Ujjivan Financial Services had rejected a special resolution to appoint founder Samit Ghosh as managing director and CEO.

(The image was sourced from Google stock images)



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‘CFOs should keep eye on long-term strategy, adapt to short-term situations’, BFSI News, ET BFSI

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CFOs have to play a major role during the pandemic in their organisations and be ready from the technology and business perspectives.

All eyes are on the P&L projections and the growth expectations from the businesses. With various factors that have come out of the pandemic, I would imagine that CFOs are at the centre with all the strategies that organizations are playing right now, Sudeep Bhatia, Group CFO, Lendingkart, said at the panel discussion CFOs’ View: Building Pandemic-Proof Balance Sheet at ETBFSI Summit.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

“For CFOs, the major focus has moved more towards a strategist, acting as a catalyst. How you can adapt to every day. Making sure you are ready from a technology and business perspective,” Upma Goel, CFO, Ujjivan Small Finance Bank, said.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

Adapting to new normal

Niraj Shah, CFO, HDFC Life said in these times, flexibility and agility is something that comes to the fore, and that’s something that a CFO needs to prepare the organization for.

Investing ahead of the time, and being agile, to try and adapt to the changing customer preferences because of the changing environment, he said.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

The RBI and GOI have taken multiple steps and interventions with every step, and, therefore, all the financial institutions, and all other organizations as well, had to adapt to the situations very fast, Bhatia of Lendingkart said.

Every business will be affected in a different way. Given the situation, and we adjust to that, but just in principle it’s about keeping sights on your long-term strategy, at the same time, adapting, to the short-term situations, Shah said.

Emphasising the need to have a fine balance to make effective use of the liquid cash, Goel of Ujjivan SFB said, “We cannot afford at this point of time not to have the liquidity and wait for the real demand. Demand has started picking up”

The challenges

The Covid pandemic has been the most serious challenge to financial institutions in nearly a century and CFOs need to maintain our distribution and recovery channels open, despite the social distancing advice by the supervisory and compliance function, said G S Agarwal, CFO, Shriram Housing Finance.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

‘The struggle to manage between these things and keep your balance sheet and P&L intact has been the biggest challenge. Also, to do the compliances remotely sitting remotely without any paperwork, without any physical signatures has been quite challenging, he said.

Customer requests and expectations have grown multifold. “I haven’t seen this kind of customer engagement before even from the existing customer base. This is because they need support from the organization as well,” Bhatia of Lendingkart said.



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Carol Furtado to take charge as Ujjivan SFB’s OSD from today

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The board of Ujjivan SFB, in parallel, will evaluate “suitable candidates” for the MD and CEO position, and submit two names to the RBI for approval, the filing said.

The board of directors of Ujjivan Small Finance Bank on Wednesday approved the appointment of Carol Furtado as the officer on special duty (OSD). Furtado, who will be handling day-to-day operations from August 26, will be serving as the OSD until outgoing MD & CEO Nitin Chugh is in office.

Furtado will take charge as the interim CEO, subject to RBI approval, after September 30. She was the CEO of Ujjivan Financial Services, the promoter of Ujjivan SFB. Talking to FE on August 20, Ujjivan founder Samit Ghosh had said Furtado is the top candidate to become the interim CEO of the bank.

In a stock exchange filing on Wednesday, the bank said its board “unanimously” approved the appointment of Furtado as the OSD. The board of Ujjivan SFB, in parallel, will evaluate “suitable candidates” for the MD and CEO position, and submit two names to the RBI for approval, the filing said.

Ghosh, the common director on Ujjivan SFB and Ujjivan Financial Services, said, “Carol has been our go to person during any major crisis. I am sure she will lead us out of this Covid crisis with flying colours. We do not foresee any near-term major issues in the portfolio quality of the bank. With the provision coverage ratio of 75%, the highest in the industry, we are very well positioned.”

Ghosh said the bank is undertaking an “independent” portfolio quality and process audit. “We look towards streamlining the provisioning policy. We are confident of strengthening the organisation and emerge as a stronger Ujjivan.”

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Ujjivan Small Finance bank to do portfolio quality & process audit, BFSI News, ET BFSI

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About 68 per cent of the Rs 14,000-crore loan portfolio is still in the unsecured microfinance space at Ujjivan, where chief executive Nitin Chugh unexpectedly quit last week, capping off a raft of top-level exits at the lender that went public in 2019.

“We are trying to identify a candidate internally who can manage the day to day operation till Nitin leaves. Carol Furtado is the top candidate,” Ujjivan founder Samit Ghosh told investors on Friday morning.

Ujjivan Small Finance Bank has decided to do an independent portfolio quality & process audit as it is facing stress on asset quality following the disruptions caused by the pandemic.

It will also review its provisioning policy to create an adequate buffer against credit risk.

The holding company of the bank, Ujjivan Financial Services, had earlier expressed concerns over asset classification, bad loan recognition and the ad-hoc bad loan provisioning under chief executive Nitin Chugh, who resigned last week.

The bank on Wednesday appointed Carol Furtado as office on special duty to manage day-to-day operations in the bank till Chugh’s official exit on September 30.

“The bank is undertaking an independent portfolio quality & process audit. We look towards streamlining the provisioning policy. We are confident of strengthening the organisation and emerging as a stronger Ujjivan,” founder of the bank Samit Ghosh said. Ghosh is the common director on the boards of the bank and the holding company.

“With the provision coverage ratio of 75%, the highest in the industry, we are very well positioned,” he added.

After Chugh’s exit, Furtado will be appointed as an interim CEO, subject to regulator’s approval, the company announced Wednesday after its board gave the stamp of approval on the proposal.

The bank also said that it will begin the search for the next full-time CEO and submit two names to the Reserve Bank of India seeking its approval.

In parallel, the bank has also appointed former Andhra Bank chairman BA Prabhakar as its chairman.

ET had highlighted the possibility of both the move immediately after Chugh’s resignation became public.

Furtado, part of the founding team of Ujjivan Financial Services since 2005, will be leading the charge of handling the day-to-day operations from August 26, the company said. Post September 30, she will take charge as the Interim CEO, subject to regulator’s approval.

Ujjivan Financial Services is the holding company for Ujjivan Small Finance Bank, which started its journey in February 2017.

“Carol has been our go to person during any major crisis. I am sure she will lead us out of this Covid crisis with flying colours,” said Ghosh.

Furtado has spearheaded the organisation on numerous occasions, playing critical roles in asset quality management and HR. “Her extensive experience, over a decade and a half, across business, operations, and HR, along with her expertise in leading Ujjivan, through various crises, make her an ideal candidate,” the company said.



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Carol Furtado is Officer on Special Duty at Ujjivan SFB

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The board of Ujjivan Small Finance Bank has appointed Carol Furtado as Officer on Special Duty.

“She will be handling the day-to-day operations of the bank from August 26, and will be serving the bank as OSD until outgoing Managing Director and CEO Nitin Chugh is in office. Post-September 30, 2021, she will take charge as the Interim CEO subject to RBI approval,” Ujjivan SFB said in a statement on Wednesday. The board of Ujjivan SFB, in parallel, will evaluate suitable candidates for the MD and CEO position, and submit two names to RBI for approval, it further said.

‘Portfolio quality’

“We do not foresee any near-term major issues in the portfolio quality of the bank. With the provision coverage ratio of 75 per cent, the highest in the industry, we are very well positioned. The bank is undertaking an independent portfolio quality and process audit. We look towards streamlining the provisioning policy,” said Samit Ghosh, Common Director on Ujjivan SFB and Ujjivan Financial Services.

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High attrition, provisioning to weigh on Ujjivan Small Finance Bank after MD’s exit, BFSI News, ET BFSI

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High provisions and uncertainty over the appointment of a new managing director will weigh on the valuation of Ujjivan Small Finance Bank in the near future following the abrupt exit of current MD Nitin Chugh, according to analysts.

The stock has dropped 31% in the last one month and is currently trading at around Rs 19,

However, during the conference call with analysts, the management sounded confident about tackling the issue, with the help of new board members, appointment of a special officer and interim CEO for better coordination between the board and business teams, according to analysts.

Asset quality issues

Chugh’s resignation comes at a time when the company is grappling with asset quality problems. The CFO had also resigned a month ago. Ujjivan SFB could see more near-term correction, with a KMP resigning. Compared to listed peers, USFB saw more stress formation, as indicated by the spike in gross non-performing asset coupled with existing and likely restructuring. This may suggest that asset quality pain for Ujjivan SFB has not ended yet and the bank could see more balance sheet stress emanating. During more stable times, overall gross stress was 1% of loans that surged to 15.3% in Q1FY22 in wake of the pandemic, as GNPA further escalated to 9.8% with restructuring being at 5.5% of loans.

Chugh’s tenure

When he assumed the office of the MD & CEO in December 2019 Ujjivan faced four major challenges, — hold-co dilution, opex control, retail deposit build-up, and improving secured loan share. The bank was on path to sort three of these four issues. On the hold-co dilution issue, the RBI via letter dated 9th July 2021 permitted SFBs and holding companies to apply for reverse merger, which signalled that UFSL could be reverse merged with Ujjivan SFB. During Chugh’s tenure, the bank did well on deposits, as CASA ratio consistently increased from 11.6% in Q3FY20 to 20.3% in Q1FY22. Opex was also controlled, with opex to assets in FY21 seeing a sharp reduction to 6.2% from 8.2% in FY20. While transition towards a secured loan profile was progressing, with secured share rising from 21% to 32% on a YoY basis in Q1FY22, material exposure (estimated 80% of loans) to MFI and secured SME severely affected asset quality.

Asset quality challenges for Ujjivan SFB

Collection efficiency (CE) dropped sharply in May/June 2021 to 72%/78% which improved to 93% in July 2021. In June, collections in the South/East were 63%/78% compared to 92%/83% in North/West. Under OTR-1, CE that was 75% dropped to 33%/37% in May 2021/Jun’21, which improved to 50% in July 2021. 150,000 customers, who were NPAs as of June 2021 started paying in July and saw overall upgrades of Rs 300 crore excluding restructuring. Restructured pool stood at Rs 780 crore (5.5% of loans versus 5.8% last quarter) and further Rs 500 crore entered one-time restructuring (OTR) in July 2021. Additionally, Rs 300 crore could enter OTR by September 2021. However, total restructuring could be somewhat less than Rs 1,600 crore, as there could be an overlap between OTR-1 and OTR-2. Gross stress as at Q1FY22 was 15%, with a cover of 60% (was 13% last quarter, with a 50% cover).

Valuation, view and risks

“Resignation of a key managerial personnel could lead to near-term pressure until someone is appointed, though stress formation is partly priced in. We had downgraded FY22E earnings by 76% due to loss in Q1FY22 and likely provisions in FY22. MFI/MSE loan exposure at 80% is affecting USFB, leading to stress build-up and protracted recoveries,” Centrum Broking said in a report.



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Ujjivan SFB tumbled 32% in six days. Here’s what analysts said, BFSI News, ET BFSI

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NEW DELHI: Shares of Ujjivan Small Finance Bank (SFB) tanked 10 per cent in Monday’s trade, in addition to a 19 per cent decline on Friday, to take its losing streak into the sixth straight session. The sharp fall in the stock has occurred ever since Nitin Chugh, who had joined the bank in August 2019 and was elevated to MD & CEO’s position in December 2019, tendered his resignation, citing personal reasons.

Analysts are not convinced that the resignation of Chugh, whose three-year term would have ended in December 2022, was due to personal reasons. But their price targets suggest the stock has mostly factored in the negative event.

Chugh’s exit came in the backdrop of exit of multiple board members and management executives at Ujjivan SFB. That included the CFO’s resignation a month ago.

Emkay Global said the impression from the analyst call was that the resignation of Chugh, an ex-digital banking head at HDFC Bank, was mainly due to the bank’s persistent underperformance on the asset-quality front, delayed recognition of NPAs in MFI and large-scale attrition at the lower-middle level.

Other than the underperformance, some niggling issues with the old management and his incompatible new-age management style in the still MFI-dominated old school bank could also have contributed to the resignation, Emkay said.

“Ujjivan’s current situation is probably an extreme version of challenges that smaller/newer banks have faced when undergoing leadership transition or entry of external talent at senior management level. Rebuilding and motivating the team will be critical so that the bank can recover lost ground and benefit from a possible recovery in asset quality and loan growth over the next 12 months,” Kotak Institutional Equities said.

The brokerage, however, felt this is not an underwriting issue and is a lot more operational in nature. While the medium-term challenge will be to identify the next suitable CEO, such transitions, Kotak said, are rarely smooth.

The stock fell 9.64 per cent to hit a low of Rs 17.80 in Monday’s trade. The scrip is down 31.93 per cent over August 12’s closing of Rs 26.15.

A decision on the appointment of an interim CEO will be taken in the board meeting on August 25, Wednesday. Chugh’s resignation will be effective from September 30.

“The churn in the management team and board of directors is likely to have a knock-on effect on the growth strategy of the bank, as Chugh was spearheading the digital initiatives of the bank. Considering the uncertainty in terms of incoming top management and the future growth outlook, we are putting Ujjivan SFB “under preview,” said Edelweiss Securities.

The bank has on-boarded four directors, including Samit Ghosh and erstwhile CEO/CFO Sudha Suresh, to strengthen the board, oversee the management transition and make an attempt to resurrect the bank.

Ghosh is a common director with the holding company Ujjivan Financial Services.

As MD & CEO, Chugh’s Ujjivan faced 4 major challenges: holding company dilution, opex control, retail deposit build-up, and improving secured loan share. Analysts said the bank was on the path to sorting out three of these four issues.

“On the hold-co dilution issue, the RBI via letter dated July 9 permitted SFBs and holding companies to apply for reverse merger, which signalled that Ujjival Financial Services could be reverse merged with Ujjivan SFB. During Chugh’s tenure, the bank did well on deposits, as CASA ratio consistently increased from 11.6 per cent in December quarter to 20.3 per cent in June quarter. Opex was also controlled, with opex to assets in FY21 seeing a sharp reduction to 6.2 per cent from 8.2 per cent in FY20,” said Centrum Broking.

The brokerage said while the transition towards a secured loan profile was progressing well, with the secured share rising from 21 per cent to 32 per cent on a YoY basis in June quarter, material exposure (nearly 80 per cent of loans) to MFI and secured SME severely affected asset quality.

“Resignation of key managerial personnel could lead to near-term pressure until someone is appointed, though stress formation is partly priced in. We had downgraded FY22E earnings by 76 per cent due to loss in Q1FY22 and likely provisions in FY22. MFI/MSE loan exposure at 80 per cent is affecting USFB, leading to stress build-up and protracted recoveries,” Centrum said while suggesting a target of Rs 31.

Kotak has a target of Rs 24, down from Rs 31 earlier. Emkay finds the stock Rs 17 worth Monday’s low, these targets suggest a limited downside from here on.



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Ujjivan SFB: Working on smooth transition in consultation with RBI

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Ujjivan Small Finance Bank said the transition post resignation of Nitin Chugh as Managing Director and CEO is being smoothly managed in consultation with the Reserve Bank of India.

“The bank has been working for several months to strengthen the board,” it said in a statement.

Noting that the bank has recently witnessed several challenges on the business front, coupled with several resignations both at the board level and senior management, Ujjivan SFB further said, “The immediate task of bank board in close collaboration with the holding company would be to bring back stability and achieve its desired goals and growth, complete the reverse merger and see that shareholders’ interest is duly taken care of.”

“The bank looks at the future with optimism,” it stressed.

New postings

BA Prabhakar, former CMD of Andhra Bank and Chairman of NSDL, joined the Ujjivan SFB’s board as an Independent Director and is being considered as part-time Chairman of the bank.

The board of Ujjivan Financial Services has nominated Samit Ghosh, the founder of Ujjivan, as a common (non-executive, non-independent) director on the bank board to provide oversight on some critical areas like portfolio quality and people management.

“His direct involvement would also facilitate the reverse merger of the bank and holding company. Further, his long standing experience in the microfinance sector would stand in good stead in guiding the bank management to steer through the present credit crisis,” the statement said.

In a stock exchange filing on August 19, Ujjivan SFB said Chugh has tendered his resignation as MD and CEO citing personal reasons. He will step down from the role on September 30.

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