Ujjivan Small Finance Bank commences its banking operations

Senior Management @ the launch of Ujjivan Small Finance Bank Ltd. (L-R): Mr. Ittira Davis, COO & Head of Transition, Ujjivan Small Finance Bank Ltd, Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd, Ms Carol Furtado, Head of HR & Service Quality, Ujjivan Small Finance Bank Ltd, Ms Sudha Suresh, MD & CEO, Ujjivan Financial Services

Mr. Samit Ghosh and Mr. Ittira Davis unveiling the Ujjivan Small Finance Bank Debit Card

Bengaluru, February6, 2017: UjjivanFinancial Services Ltd, one of the leading microfinance companies in thecountry, today, announced its transformation to a Small Finance Bank. NobelLaureate Prof Muhammad Yunus, as the chief guest, ceremonially launched the 5pilot branches of Ujjivan Small Finance Bank (Ujjivan SFB) in Bengaluru today.

These fivepilot branches of Ujjivan SFB will provide full service offerings. In the nextone month, the bank will comprehensively test its technology, channels, peopleand processes as part of its roll-out.    Ujjivan SFB plans toextend these services across 457 branches in 24 states in a planned and phasedmanner over the next few months.

Commentingon the launch, Mr. Samit Ghosh, MD and CEO of Ujjivan Small FinanceBank Ltd. said, “The launch of Ujjivan Small Finance Bank is asignificant milestone. We started our journey as an NBFC in 2005 with a missionto empower the economically active low income group by providing them with afull range of financial services, which the SFB platform now enables us to doso. Ujjivan SFB would offer a no minimum balance savings bank account with thefull range of banking services & benefits using the latest technology tothe unserved and underserved customers. We will provide a whole host ofbenefits such as door-step & paperless banking, mobile, internet and phonebanking, access to biometric ATMs and Aadhar enabled debit cards. Thesebenefits are normally available only to premier customers of commercial banks.”

Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd

“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.

Ujjivan SFB would offer competitive and attractive rates of interest on Fixed Deposit and Recurring Deposit products in the range of 5.5% to 8% which is higher than the average rate of interest offered by most banks. The savings bank account is being offered with full range of benefits like accessing multiple channels such as Biometric ATMs, RuPay Debit Card, Phone, Internet & Mobile Banking at the market rate interest of 4%.

Mr. Ghosh added, “As an NBFC-MFI, we have always taken pride in being a customer centric organization with a high customer touch-point backed by state-of-the art technology and infrastructure. 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.” 

Thecustomers of Ujjivan SFB will have unlimited access to ATM transactions onUjjivan’s ATM network and a total of six free transactions on other bank’s ATMnetworks, making this one of the highest free transactions offered by any bank,currently.  

Ujjivan SFBwill also offer remittance services enabling customers to transfer money withinUjjivan and other bank accounts in a very reasonable and affordable manner.This has always been a key requirement of customers from this segment.Customers can also visit branches to avail this facility.

Ujjivan SFBhas invested significantly on technology and digitization. Ujjivan SmallFinance Bank will bring in this service in a seamless manner through theinternet and mobile banking option. Aadhar enabled KYC and the simplifiedprocess will enable account opening in 5-7 minutes using biometricauthentication on a hand-held device.

Ujjivan SFBhas significantly focused on training and reskilling the existing workforce totake up new, diverse and strategic roles in the bank. Of the current employeestrength of approximately 10,000, close to 2,000 employees are new entrantswith banking backgrounds.

UjjivanSFB’s goal is to build a leading state of the art mass market retail bank infive years to serve the vast un-served and underserved customer base whocurrently are outside the formal banking system.

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