History
Ujjivan Financial Services was founded in 2005 by Samit Ghosh as a non-banking financial company (NBFC). [9] On 7 October 2015, Ujjivan Financial Services received an in-principle approval from the Reserve Bank of India (RBI) to set up a small finance bank (SFB). [10] [11] At that time, the company had over 2.6 million customers and 464 branches in 24 states. [12]
Ujjivan received its final banking license from the RBI on 11 November 2016, and Ujjivan Small Finance Bank commenced operations in February 2017. [13] [14] In April 2017, the bank stated that it intended to convert all NBFC branches to SFB branches by the 2020 financial year. [15] It received the Scheduled Bank status from the RBI in August 2017. [16] [17]
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). [18] [19] The IPO opened on 2 December 2019 and the shares were listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on 12 December 2019. [20] [21]
In 2022, the board of Ujjivan Financial Services approved the reverse merger of itself into Ujjivan Small Finance Bank. [22] [23]
In 2024, Ujjivan Small Finance Bank received an Authorised Dealer Category 1(AD–I) Licence from the RBI, enabling it to provide foreign exchange services. [24]
In 2025, Ujjivan Small Finance Bank applied to the RBI for a universal banking licence. [25]
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