• Source: Ujjivan Small Finance Bank

Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. Ujjivan Financial Services holds an 80 percent stake in the bank.
Ujjivan Small Finance Bank is licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance bank business and received Scheduled Bank status from the Reserve Bank of India in August 2017.




History


On 7 October 2015, Ujjivan Financial Services received an in-principle approval from the Reserve Bank of India to set up a small finance bank. At the time, the company had 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. Ujjivan received the final license from the Reserve Bank of India on 11 November 2016 to set up a small finance bank. By February 2018, Ujjivan was present across 24 states and union territories, 209 districts in India, catering to over 3.7 million customers.
In October 2019, Ujjivan Small Finance Bank received approval from the Securities and Exchange Board of India to raise ₹1,200 crores (US$162 million) in an initial public offering (IPO). The IPO was 166 times oversubscribed by the final day of bidding, 4 December 2019.
In October 2022, the board of Ujjivan Financial Services approved the reverse merger of itself into Ujjivan Small Finance Bank.




Services


Ujjivan SFB provides a range of products and services such as savings account, current account, fixed deposits (FD), recurring deposits (RD), Vehicle Loans, MSE Loans, Housing Loans, Micro Loans, Home Loans & Small Business Loans.
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. Customers can open their bank account in 5–7 minutes on a hand-held device through Aadhaar enabled KYC. The bank has introduced the Senior Citizen Product and Tax Saver Fixed Deposit.




See also



Banking in India
List of banks in India
Reserve Bank of India
Small finance bank
Indian Financial System Code




References






External links


Official website

Kata Kunci Pencarian:

• Ujjivan Small Finance Bank
• Small finance bank
• Samit Ghosh
• List of banks in India
• Creador
• HDFC Bank
• Axis Bank
• ICICI Bank
• List of companies listed on the National Stock Exchange of India
• Housing Development Finance Corporation