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. The holding company is Ujjivan Financial Services Limited. The bank commenced operations on 1 February 2017. Ujjivan Small Finance Bank received Scheduled Bank status from the Reserve Bank of India in August 2017.
Video Ujjivan Small Finance Bank
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. 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. Ujjivan received the final license from the Reserve Bank of India on 11 November 2016 to set up a small finance bank. Ujjivan is present across 24 states and union territories, and 209 districts in India, catering to over 3.7 million customers.
Maps Ujjivan Small Finance Bank
Products
Ujjivan SFB provides a range of products and services such as savings account, current account, fixed deposits (FD), recurring deposits (RD), 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 Senior Citizen Product and Tax Saver Fixed Deposit.
References
Source of article : Wikipedia
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