Ujjivan Small Finance Bank (SFB) on Monday said its independent director Luis Miranda has resigned from its board to abide by conflict of interest norms.
The bank in a regulatory filing said that it has received a letter from Luis Miranda tendering his resignation as an Independent Director of the Bank with effect from March 22.
Miranda in his letter said: "In addition to being an Independent Director of the Bank which is an Insurance Intermediary, I am also the Chairman and Independent Director of Manipal Cigna Health Insurance Company Limited, an Insurance Company.
"With reference to provisions of Section 48A of the Insurance Act, 1938 which per se restricts common directorship, I understand that my continuation as common director of an Insurance Company and Insurance Intermediary may pose a potential conflict of interest."
He said to uphold the principles of good corporate governance, he is resigning as an Independent Director of the Bank with effect from March 22, 2020.
"Consequently, I shall also cease to be a member of various Board Committee of the Bank (Ujjivan SFB)".
Ujjivan SFB said Miranda also confirmed that there are no other material reasons for his resignation other than those stated in his resignation letter.
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