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Ujjivan Small Finance Bank

Founded	2017

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| assetnsnnsnsns = ₹1snsnns4 jjjs | assets_year = 2024 | equity = ₹10 nsnsbildjvsysjlion | equity_year = 2024 | num_employees = 16,000+ | website = www.ujjivansfb.in }}

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

1. "Standalone finabnbzncial results auditors report March 31 2024". ujjivansfb.in. Retrieved 15 May 2018.
2. "Ujjivan becomes fourth entity to receive small finance bank license".
3. "RBI grants "In-principle" Approval to 10 Applicants for Small Finance Banks".
4. Ghosh, Debojyoti (12 October 2015). "Former banker Samit Ghosh's epiphany | Forbes India". Forbes India. Retrieved 25 March 2018.
5. "Ujjivan gets final RBI nod for small finance bank".
6. "Ujjivan Financial jumps after unit receives scheduled bank status". Business Standard India. Capital Market. 30 August 2017. Retrieved 25 March 2018.
7. Shankar, Jay (17 February 2018). "Ujjivan to expand retail business next year". The Hindu. Retrieved 25 March 2018.
8. "Ujjivan Small Finance Bank gets Sebi's go-ahead for IPO". The Economic Times. 22 October 2019. Retrieved 8 November 2019.
9. "Ujjivan Small Finance Bank IPO subscribed 166 times on final day, receives bids worth Rs 76,000 crore". Business Today. 5 December 2019. Retrieved 5 December 2019.
10. Ray, Atmadip (14 October 2022). "Ujjivan Financial board approves merger with Ujjivan SFB". The Economic Times. Retrieved 8 August 2023.
11. "Ujjivan Small Finance Bank launched, to offer fixed, recurring deposits at 5.5-8%".
12. "Focusing on MSE and housing in next 2 years: Samit Ghosh, Ujjivan Small Finance Bank".
13. "Ujjivan Financial Services to use biometric ATMs".
14. "Ujjivan SFB Launches Senior Citizen Account". Deccan Herald.
15. "Ujjivan Bank launches tax saver FD scheme". The Hindu Business Line.

External links

• Official website

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