Ujjivan Small Finance Bank Limited is an Indian small finance bank based in

Bangalore Bangalore (), officially Bengaluru (), is the capital and largest city of the Indian state of Karnataka. It has a population of more than and a metropolitan population of around , making it the third most populous city and fifth most ...

, 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 The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. ...

to carry out small finance bank business and received Scheduled Bank status from the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...

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 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 The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive ...

to raise ₹1,200 crores (US$ million) in an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

(IPO). The IPO was 166 times oversubscribed by the final day of bidding, 4 December 2019.

Services

Ujjivan SFB provides a range of products and services such as

savings account A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, tran ...

, current account,

fixed deposit A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate acco ...

s (FD),

recurring deposit A recurring deposit is a special kind of term deposit offered by Indian banks which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed depo ...

s (RD), Micro Loans, Home Loans &

Small Business Loans The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...

. The bank also offers internet banking, phone banking and mobile banking facilities to customers. Ujjivan SFB ATM is

biometric Biometrics are body measurements and calculations related to human characteristics. Biometric authentication (or realistic authentication) is used in computer science as a form of identification and access control. It is also used to identify ...

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 Aadhaar ( hi, आधार, ādhār, lit=base, foundation, bn, আধার) is a 12-digit unique identity number that can be obtained voluntarily by the citizens of India and resident foreign nationals who have spent over 182 days in twelve ...

enabled KYC. The bank has introduced Senior Citizen Product and Tax Saver Fixed Deposit.

References

External links

* {{Banking in India Companies based in Bangalore Banks established in 2017 Small finance banks Indian companies established in 2017 Private sector banks in India 2017 establishments in Karnataka Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange

History

Services

See also

References

External links