Ujjivan Small Finance Bank

Ujjivan Small Finance Bank
Small finance bank
Traded as BSE: 539874
NSE: UJJIVAN
Industry Banking, Financial services
Founded 1 February 2017
Founder Samit Ghosh
Headquarters Bangalore, Karnataka, India
Area served
 India
Key people
 Ittira Davis (COO)
Total assets ₹9,473 crores (US$1.45 billion)[1] (2018)
Total equity ₹4,177 crores (US$641 million) (2018)
Number of employees
 10,881
Website https://www.ujjivansfb.in

Ujjivan Small Finance Bank Limited is a bank licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance bank business in India.[2] The holding company is Ujjivan Financial Services Limited.[3] The bank commenced operations on 1 February 2017.[4] Ujjivan Small Finance Bank received Scheduled Bank status from the Reserve Bank of India in August 2017.[5][6]

History

Ujjivan Financial Services Limited started operations as a NBFC in 2005. On 7 October 2015, Ujjivan received an in-principle approval from the Reserve Bank of India to set up a small finance bank.[7] At the time, the company already serviced over 2.6 million customers from 464 branches in 24 states. The small finance bank status provided the opportunity to expand Ujjivan's range of loan products, and also to accept deposits rather than relying on other financial institutions to provide funds for the loans.[8] Ujjivan received the final license from the Reserve Bank of India on 11 November 2016 to set up a small finance bank.[9] Ujjivan is present across 24 states and union territories, and 209 districts in India, catering to over 3.7 million customers.[10][11]

Products

Ujjivan SFB provides a range of products and services such as savings account, current account, fixed deposits (FD),[12] recurring deposits (RD), Micro Loans, Home Loans & Small Business Loans.[13] The bank also offers internet banking, phone banking and mobile banking facilities to customers. Ujjivan SFB ATM is biometric enabled, thereby enabling customers to withdraw money through biometric authentication.[14] Customers can open their bank account in 5–7 minutes on a hand-held device through Aadhaar enabled KYC. The bank has introduced Senior Citizen Product[15] and Tax Saver Fixed Deposit.[16]

References

  1. ↑ "Standalone financial results auditors report March 31 2018" (PDF). ujjivansfb.in. Retrieved 15 May 2018.
  2. ↑ "Ujjivan Small Finance Bank launches operations".
  3. ↑ "RBI grants "In-principle" Approval to 10 Applicants for Small Finance Banks".
  4. ↑ "Ujjivan Financial Services launches small finance bank".
  5. ↑ Pani, Priyanka (30 August 2017). "Ujjivan SFB receives scheduled bank status from RBI". The Hindu Business Line. The Hindu Business.
  6. ↑ "We are targeting loan growth of 18-20% in FY18: Sudha Suresh, MD and CEO, Ujjivan Financial Services". The Financial Express. Financial Express. 5 September 2017.
  7. ↑ "Ujjivan becomes fourth entity to receive small finance bank license".
  8. ↑ Ghosh, Debojyoti (12 October 2015). "Former banker Samit Ghosh's epiphany | Forbes India". Forbes India. Retrieved 25 March 2018.
  9. ↑ "Ujjivan gets final RBI nod for small finance bank".
  10. ↑ "Ujjivan Financial jumps after unit receives scheduled bank status". Business Standard India. Capital Market. 30 August 2017. Retrieved 25 March 2018.
  11. ↑ Shankar, Jay (17 February 2018). "Ujjivan to expand retail business next year". The Hindu. Retrieved 25 March 2018.
  12. ↑ "Ujjivan Small Finance Bank launched, to offer fixed, recurring deposits at 5.5-8%".
  13. ↑ "Focusing on MSE and housing in next 2 years: Samit Ghosh, Ujjivan Small Finance Bank".
  14. ↑ "Ujjivan Financial Services to use biometric ATMs".
  15. ↑ "Ujjivan SFB Launches Senior Citizen Account". Deccan Herald.
  16. ↑ "Ujjivan Bank launches tax saver FD scheme". The Hindu Business Line.
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