Ujjivan SFB commences banking ops

6 Feb 2017

Ujjivan Financial Services Ltd, today, announced its transformation to a Small Finance Bank. Nobel Laureate Prof Muhammad Yunus, as the chief guest, ceremonially launched the 5 pilot branches of Ujjivan Small Finance Bank (Ujjivan SFB) in Bengaluru today.
These five pilot branches of Ujjivan SFB will provide full service offerings. In the next one month, the bank will comprehensively test its technology, channels, people and processes as part of its roll-out. Ujjivan SFB plans to extend these services across 457 branches in 24 states in a planned and phased manner over the next few months.
Samit Ghosh, MD and CEO of Ujjivan Small Finance Bank Ltd 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. Ujjivan SFB would offer a no minimum balance savings bank account with the full range of banking services& benefits using the latest technology to the un-served and underserved customers.”
“The deposit and savings products of Ujjivan SFB have been designed and developed based on comprehensive research and in-depth understanding and so also to fulfill comprehensive financial inclusion objectives amongst the segments we aim to serve.’’ Mr. Ghosh said.
He added, “The 3.5 million customer base and industry high customer retention rate of Ujjivan reiterates the success of our decade long commitment and validates our approach to serve un-served and underserved across the country. Our primary goal is to reach out to the larger un-served & underserved populace through our unique bank, and provide them with easy-to-use and access banking services where they are treated as valued customers.” (EOIC)