North East Small Finance Bank Appoints Ex-Navi Exec, Samit Shankar Shetty, and Veteran Banker, Parvez Mulla, as Independent Directors

GUWAHATI, India , April 5, 2024 /PRNewswire/ -- North East Small Finance Bank (NESFB) is delighted to announce the appointment of Mr. Samit Shankar Shetty and Mr. Parvez Mulla as Independent Directors to its esteemed Board. With over two decades of experience each, in scaling and managing financial institutions, the appointment of the seasoned professionals underscores NESFB's commitment to a highly inclusive and digitally forward bank for its consumers.

Samit Shankar Shetty's illustrious career in the finance sector is marked by over 2 decades of extensive experience in leading financial institutions, particularly in the microfinance and NBFC domains. He founded Chaitanya India Fin Credit Pvt Ltd a Microfinance Lender and Chaitanya Rural Intermediation Development Services (CRIDS), which later became Navi Finserv, a digital lender. He was also involved in the early stages of Navi's health insurance and mutual fund business. An Alumnus of IIM Ahmedabad, his rich background in building successful financial services institutions, and pioneering digital lending initiatives position him as an invaluable asset to NESFB, especially as the bank navigates its forthcoming merger with the fintech company, slice. His expertise is expected to be crucial in enhancing NESFB's mission of financial inclusion and operational excellence.

Mr. Samit Shankar Shetty shared his thoughts on joining the NESFB Board, remarking, "I am looking forward to joining NESFB as it navigates an interesting phase in its journey and to work closely with the bank and provide all necessary support to the team. NESFB's dedication to its customers and communities resonates with my fundamental business values, and I am excited to be a part of this remarkable journey."

Parvez Mulla's extensive 30-year career in the financial services industry, characterized by his significant contributions across banking, lending, and insurance, positions him as a strategic addition to the team. During his 20-year tenure at ICICI Bank and ANZ Grindlays, Mr. Mulla led large and high-performing teams across various retail banking functions, sales, operations, and collections. An alumnus of IIM Bangalore, his leadership roles as Chief Executive Retail, L&T finance, MD at True North, COO of HDFC Life, and Board Member of HDFC Pension have contributed to his diverse experience in driving growth, profitability, and operational efficiency across financial services. His deep insights into digital ecosystems and operational excellence are particularly relevant as NESFB embarks on expanding its services and reach across India.

Mr. Parvez Mulla added , "I am honoured to join the Board of NESFB at such a transformative time, especially as the bank approaches its strategic merger with slice. This unique merger presents a tremendous opportunity to combine the strengths of the two institutions and create a strong value proposition for customers, employees, regulators and shareholders. I look forward to working with the teams as NESFB embarks upon this exciting journey." 

Commenting on the recent executive appointments, Mr. Satish Kumar Kalra, MD & CEO of NESFB, remarked, "We are thrilled to welcome Mr. Samit Shankar Shetty and Mr. Parvez Mulla to the NESFB team. As the bank gears up for a pivotal change, the induction of the two veteran leaders to the NESFB board will be crucial in boosting the bank's growth. Their distinct experience and strategic acumen will be highly consequential for the bank's growth and long-term success."

In March, the Competition Commission of India approved the transaction involving the merger of North East Small Finance Bank with slice.

About North East Small Finance Bank , your doorstep banker.

NESFB stands as the sole small financial bank in the North-Eastern region of India, boasting an extensive network of branches spanning across 9 states. As a preferred banking institution, NESFB offers a comprehensive suite of financial services, encompassing bank accounts, deposits, debit cards, loans, mutual funds, and insurance. NESFB is committed to meeting the diverse financial requirements of individuals by delivering well-suited financial products and services promptly, conveniently, and responsibly. Leveraging doorstep banking and cutting-edge technology, NESFB plays a pivotal role in fostering sustainable growth within the broader community.

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