Ujjivan Small Finance Bank commences operations in Mangalore

Mangalore, Jan 06, 2019: Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. today announced the commencement of its banking operations in Mangalore with its first branch launch. 

Ujjivan Small Finance Bank (www.ujjivansfb.in) began its operations in February 2017 and is currently operational across 24 States and Union Territories with 554 branches. Ujjivan is present across 19 districts in Karnataka with 80 branches,  catering to over 6.44 lakh customers. 

Speaking on the launch, Mr. Nitin Chugh, MD & CEO, Ujjivan Small Finance Bank Ltd. said, “With over 49 lakh customers across the country, we are pleased to announce the launch of our banking operations in Mangalore. As a Small Finance Bank, we offer a comprehensive range of services for the entire family. Now any salaried or a business customer can avail complete banking solutions through Ujjivan Small Finance Bank. We will continue to expand our offerings and the banking footprint across the state, towards realising our mission of serving the unserved and the underserved  customers.” 

Commenting on the inauguration, Mr. Sanjay Kao, Chief Business Officer, Ujjivan Small Finance Bank Ltd. said, “We are determined to make banking more seamless and accessible for our customers. Ujjivan SFB is offering a premier savings account with a wide-range of features & benefits. Aadhar enabled KYC facilitates opening of savings account at customer’s doorstep in less than 10 minutes using biometric authentication on a hand-held device. The savings account is packed with a host of benefits such as internet banking, mobile banking in nine languages, phone banking, SMS and missed call banking. These facilities are available at no charges on nonmaintenance of minimum balance. The products have been designed and developed based on comprehensive research and to fulfill the financial inclusion objectives amongst the segments we aim to serve.’’

Ujjivan Small Finance bank provides customized solutions to consumers looking for loans at competitive rates. Ujjivan SFB offers micro loan products categorized into group loans and individual loans ranging from Rs.2000 to Rs.2, 0,000. 

Ujjivan Small Finance Bank offers one of the highest interest rate of 8.10 % on Fixed Deposits for 799 days and 8.60 % for Senior Citizens on the same tenor. Ujjivan SFB also offers Rupay debit card along with unlimited transactions on Ujjivan SFB’s ATM network and a total of six free transactions on other bank’s ATM networks, making this one of the highest free transactions offered by any bank, currently. 

Ujjivan SFB has a ‘Digi Buddy’ initiative where tech savvy graduates are employed at bank branches to educate customers about the benefits of banking using technology. They interact with customers and demonstrate the banking transaction process, usage of ATMs, missed call banking, mobile banking in nine languages and internet banking. 

Ujjivan SFB’s goal is to build a leading state of the art mass market bank in five years to serve the vast unserved and under-served customer base, who are currently outside the formal banking system.

About Ujjivan Small Finance Bank Limited

Ujjivan Small Finance Bank Limited is a wholly owned subsidiary of Ujjivan Financial Services Ltd. The bank commenced operations as a Small Finance Bank with effect from February 1, 2017 post transfer of business undertaking by Ujjivan Financial Services Ltd. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Ujjivan Small Finance Bank Ltd. is also included in the Second Schedule to the Reserve Bank of India Act, 1934.  

For further information, please contact:

Nivedita Ghosh

nivedita.ghosh[at]ujjivan[dot]com 

+91 9901576620