• Register
Return to: Home > News > Strategy > Ujjivan Financial Services begins operations as small finance bank

Ujjivan Financial Services begins operations as small finance bank

Indian microfinance firm Ujjivan Financial Services has started small finance banking operations by launching five pilot branches in the Indian state of Bengaluru, Karnataka.

The new bank will provide 5.5% to 8% interest rates on recurring and fixed deposits, 4% interest rate on savings accounts, along with an additional benefit of 0.5 percentage points for senior citizens.

Eventually, Ujjivan plans to extend the small finance bank offering to its existing 457 branches across 24 states in a phased manner.

Ujjivan was among the 10 entities who secured in-principle approval in September 2015 from the Reserve Bank of India (RBI) to launch small finance banks.

Small finance banks will be allowed to undertake basic banking operations of accepting deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.

The bank will offer zero balance savings bank account with the full range of banking services such as door-step and paperless banking, mobile, internet and phone banking, access to biometric ATMs and Aadhar enabled debit cards.

Ujjivan Small Finance Bank managing director and CEO Samit Ghosh said, “The launch of Ujjivan Small Finance Bank is a significant milestone. We started our journey as an NBFC in 2005 with a mission to empower the economically active low income group by providing them with a full range of financial services, which the SFB platform now enables us to do so.”

 

 

 

 

 

Top Content

  • Whitney Bank receives regulatory nod for acquisition of nine First NBC Bank branches

    Whitney Bank, the banking subsidiary of Hancock Holding Company, has obtained regulatory approval to acquire nine branches and about $1.3bn in loans from First NBC Bank, a banking unit of First NBC Bank Holding Company.

    read more
  • Lloyds annual pre-tax profit surges to £4.2bn

    Lloyds Banking Group has reported a statutory pre-tax profit £4.23bn for the year ended 31 December 2016, a huge surge compared to £1.64bn a year ago.

    read more
  • Grameen America, Citi and MasterCard to unveil digital finance platform

    Grameen America, a microfinance organisation, has partnered with Citi and MasterCard to roll out a range of fintech solutions to promote digital financial access and inclusion for over 86,000 low-income women entrepreneurs across the US.

    read more
  • TSYS, International Bank of Qatar ink payments agreement

    TSYS, a US-based credit card processor, has inked a licensing agreement with International Bank of Qatar (ibq) whereby the bank will leverage TSYS' PRIME payment solutions platform.

    read more
  • RBS to abandon Williams & Glyn spin-off

    Royal Bank of Scotland (RBS) has announced that it could scrap the sale of Williams & Glyn (W&G) division after an agreement was reached between the HM Treasury and the European Commission (EC).

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.