Ujjivan Small Finance Bank Starts Pilot Operation in Bengaluru

Posted on:07 Feb 2017 10:09:17
Ujjivan Small Finance Bank Starts Pilot Operation in Bengaluru
07 February 2017 Current Affairs: The Ujjivan Small Finance Bank officially started its operation on February 6, 2017 with 5 pilot branches in Bengaluru. Samit Ghosh is the MD and CEO of the Ujjivan Small Finance Bank.

The five pilot branches of the Ujjivan SFB would offer full services to its customers. TheSmall Finance Bank will test its technology, channels, people and processes for a period of one month as a part of its pilot launch.

The Bank aims to launch about 14 branches by March 2017 and extend services across 457 branches in 24 states in a planned and phased manner over the next few months.

The Ujjivan SFB will work to become the leading retail bank in the next five years to cater to the needs of the un-served and under-served customers.

Ujjivan SFB would offer an attractive rate of interest in the range of 5.5 percent to 8 percent on Fixed Deposit and Recurring Deposits. The bank will offer an interest rate of 4 percent on savings account.

The Ujjivan SFB will provide unlimited access to ATM transactions on Ujjivan’s ATM network and a total of six free transactions on other bank’s ATM networks. Benefits like Biometric ATMs, RuPay Debit Card, Phone, Internet & Mobile Banking would be provided on saving account.

The Non-banking financial company, Ujjivan Financial Services is the holding company of the small finance bank. It was among the 10 entities to get license from the Reserve Bank in 2016 to commence small finance banking operations.

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