Ujjivan Small Finance Bank commences operationsin Ranchi

Ujjivan Small Finance Bank commences operationsin Ranchi

 

Ranchi, April, 2018:Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. today announced the commencement of its banking operations in Ranchi. The bank branch is located at Ratu Road and was inaugurated by Manoj Kumar Singh, SP-ACB Ranchi.

Ujjivan Small Finance Bank (www.ujjivansfb.in)began its operations in February 2017 and is currently operational across 21 States and Union Territories with 180+ branches live. Ujjivan has been operating in Ranchi since 2009catering to over 15000customers. The existing microfinance customers would soon be on-boarded as bank customers.Ujjivan is present across 10 districts in Jharkhand with 14branches, catering to over 1.1 lakh customers.

Speaking on the launch, Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd.said, “After serving our customers as a microfinance entity for over a decade, I am now pleased to announce the launch of our banking operations in Ranchitoday. As a bank, we will offer a bouquet of products & services to customers ranging from savings account, current account, deposits, home loans and much more. In the coming months, we will continue to increase our banking footprint across the country to serve the unserved and under-served customers.”

Commenting on the inauguration, Mr. Ittira Davis, Chief Operating 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 offeatures &benefits. Aadhar enabled KYC facilitatesopening 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 witha host of benefits such as internet banking, mobile banking, phone banking, SMS and missed call banking. These facilities are available at no charges on non-maintenance 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 offers one of the highest interest rate of 8% on Fixed Deposits (for 1-2 years on FD less than 1 crore) and an additional 0.5% interest rate for Senior Citizens. The bank providescustomized solutions toconsumers looking for home construction loan, purchase or renovation loan and loan against propertyat competitive rates for the customer segments targeted. A range of new products is expected to be launched by the bank in the coming quarter.

Ujjivan SFB offers Aadhar enabled Rupay debit card and biometric ATMs. Customers get access to unlimited transactions on Ujjivan’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 has started ‘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 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.