Ujjivan founder Samit Ghosh nurtured the microfinance institution and then transformed it into a bank—Ujjivan Small Finance Bank—reducing his stake to comply with norms. As he prepares to exit office in November, the 69-year-old former Citibank executive is on the lookout for a successor.
A phone call interjects as we start to chat. “Make red (parboiled) rice and regular fish curry,” says banker Samit Ghosh, instructing the person on the other end about his Saturday dinner menu. “What’s the variety of fish? Have you checked?… I don’t want seer fish [a popular south Indian sea fish],” says Ghosh. It’s rare for Bengalis to take a liking to sea fish after being used to river fish like hilsa. “Make either ladyfish or pomfret,” he says.
Like how meticulous the 69-year-old Ghosh is about his meals, so is he about his plans for his last year in office. In a career spanning more than four decades—a large part of which he spent at Citibank—Ghosh built one of India’s most successful non-banking finance companies (NBFCs), Ujjivan Financial Services, which in 2017 went on to become a small finance bank (SFB). The company has managed to successfully make the transition despite being in a highly regulated sector. It ranks 91 on the Next 500 list after dealing with big challenges such as the impact of demonetization. As CEO and managing director (MD) of Ujjivan Small Finance Bank, which serves more than 4 million customers, Ghosh is busy finding a successor. “According to the RBI [Reserve Bank of India] guidelines, I can serve the bank only till 70. So six months ago, we started the process to look for a successor. We appointed Egon Zehnder [a global executive-search firm] to help us,” he says.
The bank has picked three prospective candidates from the Indian banking system and has submitted an application to the RBI on January 25. “By June this year, the person should be on board,” he adds. In an interview with Fortune India, Ghosh talks about his journey at Ujjivan: leading its transition to a small bank, cracking banking regulatory challenges, and his plans after retirement. Edited excerpts:
Bu hikaye Fortune India dergisinin March 15, 2019 - June 14, 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Fortune India dergisinin March 15, 2019 - June 14, 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
WATER UNDER THE BRIDGE
As he releases One Deep River, Mark Knopfler reflects on the guitars he's loved, the music that keeps his passion youthful... and how he'd like a do-over on that Dire Straits Rock Hall induction.
TIP SHEET
Think effects are a crutch? Reeves Gabrels has a few choice words and good advice) for you.
EYE ON THE PRIZE
Erstwhile blues-rocker Hannah Wicklund finds her true self with an album of songs she calls the most authentic I’ve ever written.”
'THE BUILDING BLOCKS OF OUR BAND IS TWO GUITARS'
Sleater-Kinney were making bass-less records long before the White Stripes and the Black Keys came along. Says co-leader Carrie Brownstein, \"The power comes from the conversation the guitars are having with each other.\"
The Knockoff That Became a Knockout
Forced to stop copying U.S. guitars, Ibanez launched the all-original Artist line and took America by storm.
UNCOMMON FOLK
He grew up in a folk music haven. As he celebrates his latest album, Wide Open Light, Ben Harper shares sights and memories of his childhood home.
Steel of a Deal
Jerry Byrd’s Steel Guitar Favorites packs a heap of American styles in one outstanding disc.
WILD SIDE
After Lou Reed's Berlin concept album bombed, guitarists Steve Hunter and Dick Wagner helped him get his groove back. The result was Rock 'n' Roll Animal, the live classic that redeemed his spirit and saved his career.
YOUR INFLUENCES STICK WITH YOU
Scott Henderson spent lockdown training his ears and building improv skills. As Karnevel! shows, his jazz chops flourished, but his blues-rock roots remain as strong as ever.
'I PLAY LESS NOTES THESE DAYS, BUT THEY ALL MEAN A LOT MORE'
On Broken, Walter Trout packs his licks for maximum impact as he testifies to the hope that can save our divided world.
HOROSCOPES WRITTEN BY MY MOTHER
Your zodiac alignment this month is governed by Venus, the planet of intuition, something my daughter Bess seems to lack.
BEASTLY MATTERS
Where the logic behind the concern for animal welfare begins and ends.
THE PHANTASM
Why was Judith Butler burned in effigy? They have a theory about that.
DESIGN FOR LIVING
Can converting office towers into apartments save empty downtowns from ruin?
TOWER IN FLAMES
What kind of right is academic freedom?
ON NATIVE GROUNDS
Deb Haaland faces the cruel history of the agency she now leads.
PULSE
He footed off his shoes, the logs balanced on an arm, and tugged the door shut.
THE BATTLE FOR ATTENTION
How do we hold on to what matters in a distracted age?
LITTLE OLD HER
Is Taylor Swift doing too much?
TRIPLE FAULT
A meal is never just a meal in a Luca Guadagnino movie; each bite is a prelude to a kiss, every feast a form of foreplay.
NIGHT MUSIC
“Stereophonic” and Cabaret at the Kit Kat Club” on Broadway.
US GROWTH SLOWED SHARPLY LAST QUARTER TO 1.6% PACE.REFLECTING AN ECONOMY PRESSURED BY HIGH RATES
The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high-interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace.
SENATE PASSES BILL FORCING TIKTOK'S PARENT COMPANY TO SELL OR FACE BAN, SENDS TO BIDEN FOR SIGNATURE
The Senate passed legislation this week that would force TikTok’s China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that’s expected to face legal challenges and disrupt the lives of content creators who rely on the short-form video app for income.
AS BIDEN CELEBRATES COMPUTER CHIP FACTORIES VOTERS WAIT FOR THE PROMISED PRODUCTION TO START
President Joe Biden has a great economic story to tell voters a decade from now, less so in 2024.
ORACLE'S LARRY ELLISON SAYS PLANNED NASHVILLE CAMPUS WILL BE COMPANY'S 'WORLD HEADQUARTERS'
Oracle Corp.’s planned campus in Nashville, Tennessee, will serve as the business software giant’s world headquarters, placing it in a city that’s a center for the U.S. healthcare industry, company Chairman Larry Ellison said.
FTC SENDS $5.6 MILLION IN REFUNDS TO RING CUSTOMERS AS PART OF VIDEO PRIVACY SETTLEMENT
The Federal Trade Commission is sending more than $5.6 million in refunds to consumers as part of a settlement with Amazon-owned Ring, which was charged with failing to protect private video footage from outside access.
NETFLIX NOW HAS NEARLY 270 MILLION SUBSCRIBERS AFTER ANOTHER STRONG SHOWING TO BEGIN 2024
Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising, but caught investors off guard with a change that will make it more difficult to track the video streaming service’s future growth.
Education THE APPLE ECOSYSTEM FROM PLAYGROUNDS TO UNIVERSITY LABS
Technology is pivotal in learning environments that constantly adapt and evolve, and Apple is at the forefront.
TENSIONS BETWEEN BEIJING AND WASHINGTON ARE THE BIGGEST WORRY FOR US COMPANIES IN CHINA.REPORT SAYS
Simmering tensions between Beijing and Washington remain the top worry for American companies operating in China, according to a report by the American Chamber of Commerce in China released this week.
MICROSOFT & AMAZON FACE SCRUTINY FROM UK COMPETITION WATCHDOG OVER RECENT AI DEALS
British competition regulators said this week they’ll scrutinize recent artificial intelligence deals by Microsoft and Amazon over concerns that the moves could thwart competition in the AI industry.