Ujjivan Small Finance Bank goes live with its 100th bank branch

by Shrutee K/DNS

New Delhi, 25 October, 2017:  Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. has achieved a milestone of 100 bank branches nationally. The branch launches in Bhatinda, Nanjangud and Nagpur today aided Ujjivan Small Finance Bank (SFB) to achieve this historic feat in just 8 months of commencing its banking operations.

Ujjivan SFB branches are currently spread across 16 States & Union Territories with a robust expansion strategy in place for the coming years. Among these 100 branches, there are two new Unbanked Rural Centres (URC) located at Matiagacha in West Bengal and Krishnapura in Karnataka.

In the past 11 years, Ujjivan has established a strong geographical presence in India with 457 branches, catering to the financial needs of over 3.7 million+ customers. Since its launch in February, Ujjivan SFB has been gradually converting its microfinance branches into bank branches. This conversion process will continue to take place over the next two years to serve the target customer segments. Additionally, Ujjivan SFB will be opening more URCs to fulfil RBI’s requirement of 25 per cent branches in unbanked areas.   

Speaking on the milestone, Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd. said, “We are pleased to achieve the 100-branch milestone in a short span of 8 months. This reiterates our commitment of providing a full range of banking services to the unserved & underserved customers. The cornerstone of Ujjivan’s strategy is to bring the large unbanked populace into the formal banking system and this will continue to be our focus. In the coming times, we will expand our banking footprint across the country to address the financial needs of the masses and fulfil comprehensive financial inclusion objectives amongst the segments we aim to serve.’’  

          

Mr. Ittira Davis, Chief Operating Officer, Ujjivan Small Finance Bank Ltd. said, “At Ujjivan SFB, our core objective is to make banking more seamless and accessible for our customers. We have always taken pride in being a customer centric organization with a high customer touch-point. We aim to empower customers with easy and seamless banking, thus helping them lead better lives. Through our diverse & attractive product offerings, state of the art technology, digitization and doorstep banking services, we look forward to bringing a world of convenience to our customers.”

  

Ujjivan SFB provides of bouquet of banking products with competitive and attractive rates of interest. The bank offers a whole host of benefits such as mobile, internet and phone banking, access to biometric ATMs and Aadhar enabled account opening process on a hand-held device. Ujjivan Small Finance Bank’s goal is to build a leading state of the art mass market bank in five years.

About Ujjivan Small Finance Bank Limited

Ujjivan Small Finance Bank Limited is a wholly owned subsidiary of Ujjivan Financial Services Ltd. The bank commenced operations as a Small Finance Bank with effect from February 1, 2017 post transfer of business undertaking by Ujjivan Financial Services Ltd. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.