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Ujjivan Small Finance Bank

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Ujjivan Small Finance
Company typeSmall finance bank
BSE: 542904
NSE: UJJIVANSFB
IndustryBanking, Financial services
Founded1 February 2017
FounderSamit Ghosh
HeadquartersBangalore, Karnataka, India
Area served
India
Key people
  • Sunil Patel
    (Non-Exe Chairman)
  • Nitin Chugh
    (MD & CEO)[1]
Total assets₹9,473 crores (US$1.28 billion)[2] (2018)
Total equity₹4,177 crores (US$564 million) (2018)
Number of employees
10,881
Websitehttps://www.ujjivansfb.in

Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017.[3][4] Ujjivan Financial Services holds an 80 percent stake in the bank.[5]

Ujjivan Small Finance Bank is licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance bank business and received Scheduled Bank status from the Reserve Bank of India in August 2017.[6][7]

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.[8][9] 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.[10] Ujjivan received the final license from the Reserve Bank of India on 11 November 2016 to set up a small finance bank.[11] By February 2018, Ujjivan was present across 24 states and union territories, 209 districts in India, catering to over 3.7 million customers.[12][13]

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).[14] The IPO was 166 times oversubscribed by the final day of bidding, 4 December 2019.[15]

Products

Ujjivan SFB provides a range of products and services such as savings account, current account, fixed deposits (FD),[16] recurring deposits (RD), Micro Loans, Home Loans & Small Business Loans.[17] 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.[18] 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[19] and Tax Saver Fixed Deposit.[20]

See also

References

  1. ^ "Ujjivan Small Finance Bank appoints Nitin Chugh as next MD and CEO". thehindubusinessline. Retrieved 20 May 2019.
  2. ^ "Standalone financial results auditors report March 31 2018" (PDF). ujjivansfb.in. Retrieved 15 May 2018.
  3. ^ "Ujjivan Financial Services launches small finance bank".
  4. ^ "Ujjivan Small Finance Bank launches operations".
  5. ^ https://economictimes.indiatimes.com/markets/stocks/news/ujjivan-small-finance-bank-lists-at-59-premium-over-issue-price/articleshow/72484801.cms
  6. ^ Pani, Priyanka (30 August 2017). "Ujjivan SFB receives scheduled bank status from RBI". The Hindu Business Line. The Hindu Business.
  7. ^ "We are targeting loan growth of 18-20% in FY18: Sudha Suresh, MD and CEO, Ujjivan Financial Services". The Financial Express. Financial Express. 5 September 2017.
  8. ^ "Ujjivan becomes fourth entity to receive small finance bank license".
  9. ^ "RBI grants "In-principle" Approval to 10 Applicants for Small Finance Banks".
  10. ^ Ghosh, Debojyoti (12 October 2015). "Former banker Samit Ghosh's epiphany | Forbes India". Forbes India. Retrieved 25 March 2018.
  11. ^ "Ujjivan gets final RBI nod for small finance bank".
  12. ^ "Ujjivan Financial jumps after unit receives scheduled bank status". Business Standard India. Capital Market. 30 August 2017. Retrieved 25 March 2018.
  13. ^ Shankar, Jay (17 February 2018). "Ujjivan to expand retail business next year". The Hindu. Retrieved 25 March 2018.
  14. ^ "Ujjivan Small Finance Bank gets Sebi's go-ahead for IPO". The Economic Times. 22 October 2019. Retrieved 8 November 2019.
  15. ^ "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.
  16. ^ "Ujjivan Small Finance Bank launched, to offer fixed, recurring deposits at 5.5-8%".
  17. ^ "Focusing on MSE and housing in next 2 years: Samit Ghosh, Ujjivan Small Finance Bank".
  18. ^ "Ujjivan Financial Services to use biometric ATMs".
  19. ^ "Ujjivan SFB Launches Senior Citizen Account". Deccan Herald.
  20. ^ "Ujjivan Bank launches tax saver FD scheme". The Hindu Business Line.
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