Flipkart's founder Sachin Bansal to start new innings

Ujjivan Small Finance Bank Limited, which is planning to upgrade itself and eager to establish as a mass market bank, has roped in Flipkart founder, Sachin Bansal, as its independent director. 

This is the second big futuristic move by Ujjivan management and considered to be a sagacious one after it appointed HDFC Bank's digital banking head Nitin Chugh as its next chief executive. 

Bansal will join the bank board on June 1, whereas, Chugh will join the bank in August and will succeed Samit Ghosh on December 1. 

Meanwhile, Ujjivan Finacial Services, which is the holding firm for the bank, has posted an annual net profit at Rs 198.4 crore as compared with Rs 7.3 crore in the previous fiscal. The profit growth was surged by 46% rise in loan assets to Rs 11,049 crore and strong asset quality. 

Bansal (37), one of India's first internet entrepreneurs, who changed the consumer market and brought a new reform in the retail segment, is keen to explore opportunities at the intersection of technology and user experiences in the banking domain. With these two high profile appointments, it will be interesting to see how the bank is able to become a mass-market bank