Ujjivan Small Finance Bank

Last updated

Ujjivan Small Finance Bank
Company type Small finance bank
BSE:  542904
NSE:  UJJIVANSFB
Industry Banking, Financial services
Founded1 February 2017
Headquarters Bangalore, Karnataka, India
Area served
India
Key people
  • Sanjeev Nautiyal
    (MD & CEO) [1]
Total assets ₹33,316 crores (US$449.61 billion) [2]  (2018)
Total equity ₹4,177 crores (US$564 million) (2018)
Number of employees
16,000+
Website www.ujjivansfb.in OOjs UI icon edit-ltr-progressive.svg

Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. [3] [4] Ujjivan Financial Services holds an 80 percent stake in the bank. [5]

Contents

Ujjivan Small Finance Bank is licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance bank business and received Scheduled Bank status from the Reserve Bank of India in August 2017. [6] [7]

History

On 7 October 2015, Ujjivan Financial Services received an in-principle approval from the Reserve Bank of India to set up a small finance bank. [8] [9] At the time, the company had already serviced over 2.6 million customers from 464 branches in 24 states. The small finance bank status provided the opportunity to expand Ujjivan's range of loan products, and also to accept deposits rather than relying on other financial institutions to provide funds for the loans. [10] Ujjivan received the final license from the Reserve Bank of India on 11 November 2016 to set up a small finance bank. [11] By February 2018, Ujjivan was present across 24 states and union territories, 209 districts in India, catering to over 3.7 million customers. [12] [13]

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). [14] The IPO was 166 times oversubscribed by the final day of bidding, 4 December 2019. [15]

In October 2022, the board of Ujjivan Financial Services approved the reverse merger of itself into Ujjivan Small Finance Bank. [16]

Services

Ujjivan SFB provides a range of products and services such as savings account, current account, fixed deposits (FD), [17] recurring deposits (RD), Vehicle Loans, MSE Loans, Housing Loans, Micro Loans, Home Loans & Small Business Loans. [18] The bank also offers internet banking, phone banking and mobile banking facilities to customers. Ujjivan SFB ATM is biometric enabled, thereby enabling customers to withdraw money through biometric authentication. [19] Customers can open their bank account in 5–7 minutes on a hand-held device through Aadhaar enabled KYC. The bank has introduced the Senior Citizen Product [20] and Tax Saver Fixed Deposit. [21]

See also

Related Research Articles

<span class="mw-page-title-main">Reserve Bank of India</span> Central Bank of India

The Reserve Bank of India is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance of the Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development.

<span class="mw-page-title-main">ICICI Bank</span> Indian private sector bank

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

<span class="mw-page-title-main">Banking in India</span> Brief account of Indian banking

Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC (Dubai).

HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.

<span class="mw-page-title-main">Small Industries Development Bank of India</span> Regulatory Body

Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India. It is under the jurisdiction of Ministry of Finance, Government of India headquartered at Lucknow and having its offices all over the country.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

A prevailing trend from the medieval period, most Indians invest more than half of personal savings physical assets such as land, houses, gold, livestock, and other precious metals and ornaments. Since liberalisation in the 1990s, the Government of India has approved significant banking reforms. While some of these relate to nationalised banks, other reforms have opened up the banking and insurance sectors to private and foreign players.

<span class="mw-page-title-main">Yes Bank</span> Indian private sector bank

Yes Bank is an Indian private sector bank, headquartered in Mumbai, catering to retail customers, MSMEs, and corporate clients. The bank was founded by Rana Kapoor and Ashok Kapur in 2003. Its network is spread across 300 districts in India and comprises 1,198 branches, 193 BCBOs and 1,287+ ATMs.

Heartland Bank is a New Zealand owned bank that was created in 2011 through the merging of four financial organisations. Heartland was granted its bank registration by the Reserve Bank of New Zealand in 2012. It specialises in motor vehicle loans, reverse mortgages, small business finance, livestock finance, savings, investments and deposits.

Bandhan Bank Ltd. is a banking and financial services company, headquartered in Kolkata.

<span class="mw-page-title-main">Payments bank</span> New model of banks initiative by Reserve Bank of India

Payments banks are a new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. These banks can accept a restricted deposit, which is currently limited to ₹200,000 per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue ATM cards or debit cards and provide online or mobile banking. Bharti Airtel set up India's first payments bank, Airtel Payments Bank.

Small finance banks (SFB) are a type of niche banks in India. Banks with a SFB license can provide basic banking service of acceptance of deposits and lending. The aim behind these is to provide financial inclusion to sections of the economy not being served by other banks, such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.

Bajaj Finance Limited (BFL) is a deposit-taking Indian non-banking financial company headquartered in Pune. It has a customer base of 88.11 million and holds assets under management worth ₹354,192 crore (US$42 billion), as of June 2024.

<span class="mw-page-title-main">ESAF Small Finance Bank</span> Indian small finance bank

ESAF Small Finance Bank is an Indian small finance bank headquartered in Thrissur, Kerala, providing banking services and small loans to the underbanked. Having started its operations as an NGO in 1992 under the name of Evangelical Social Action Forum, ESAF Microfinance was a non-banking finance company and microfinance institution (NBFC-MFI), licensed by the Reserve Bank of India (RBI). It became a small finance bank in March 2017 and started operating in January 2018.

<span class="mw-page-title-main">Equitas Small Finance Bank</span> Small finance bank

Equitas Small Finance Bank is a small finance bank founded in 2016 as a microfinance lender. The Bank has its headquarters in Chennai, and is a subsidiary of holding company Equitas Holdings Ltd.

Paytm Payments Bank (PPBL) was an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.

Samit Ghosh is the founder of Ujjivan Financial Services Limited, and served as its managing director and chief executive officer until 31 January 2017, when he accepted an equivalent role with subsidiary Ujjivan Small Finance Bank. Prior to 2004, he held positions at Citibank, Standard Chartered, and HDFC Bank. He served as CEO of Ujjivan Financial Services till 2017. Ghosh is currently the non-executive Chairman of Ujjivan Financial Services.

<span class="mw-page-title-main">AU Small Finance Bank</span> Indian small finance commercial bank

AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and India’s largest tech-led small finance bank, based in Jaipur. It was founded as vehicle finance company and NBFC, AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.

<span class="mw-page-title-main">Sanjay Agarwal</span> Indian businessman

Sanjay Agarwal is an Indian businessperson, Chartered Accountant and founder of AU Small Finance Bank, where he is currently serving as the Managing Director & CEO. He was named Ernst & Young Entrepreneur of the Year Award 2018 in financial services.

References

  1. ↑ "Ujjivan Small Finance Bank appoints Sanjeev Nautiyal as next MD and CEO". Moneycontrol. Retrieved 12 May 2024.
  2. ↑ "Standalone financial results auditors report March 31 2018". ujjivansfb.in. Retrieved 15 May 2018.
  3. ↑ "Ujjivan Financial Services launches small finance bank".
  4. ↑ "Ujjivan Small Finance Bank launches operations".
  5. ↑ "Ujjivan Bank share price: Ujjivan Small Finance Bank lists at 59% premium over issue price". The Economic Times.
  6. ↑ Pani, Priyanka (30 August 2017). "Ujjivan SFB receives scheduled bank status from RBI". The Hindu Business Line. The Hindu Business.
  7. ↑ "We are targeting loan growth of 18-20% in FY18: Sudha Suresh, MD and CEO, Ujjivan Financial Services". The Financial Express. Financial Express. 5 September 2017.
  8. ↑ "Ujjivan becomes fourth entity to receive small finance bank license".
  9. ↑ "RBI grants "In-principle" Approval to 10 Applicants for Small Finance Banks".
  10. ↑ Ghosh, Debojyoti (12 October 2015). "Former banker Samit Ghosh's epiphany | Forbes India". Forbes India. Retrieved 25 March 2018.
  11. ↑ "Ujjivan gets final RBI nod for small finance bank".
  12. ↑ "Ujjivan Financial jumps after unit receives scheduled bank status". Business Standard India. Capital Market. 30 August 2017. Retrieved 25 March 2018.
  13. ↑ Shankar, Jay (17 February 2018). "Ujjivan to expand retail business next year". The Hindu. Retrieved 25 March 2018.
  14. ↑ "Ujjivan Small Finance Bank gets Sebi's go-ahead for IPO". The Economic Times. 22 October 2019. Retrieved 8 November 2019.
  15. ↑ "Ujjivan Small Finance Bank IPO subscribed 166 times on final day, receives bids worth Rs 76,000 crore". Business Today. 5 December 2019. Retrieved 5 December 2019.
  16. ↑ Ray, Atmadip (14 October 2022). "Ujjivan Financial board approves merger with Ujjivan SFB". The Economic Times. Retrieved 8 August 2023.
  17. ↑ "Ujjivan Small Finance Bank launched, to offer fixed, recurring deposits at 5.5-8%".
  18. ↑ "Focusing on MSE and housing in next 2 years: Samit Ghosh, Ujjivan Small Finance Bank".
  19. ↑ "Ujjivan Financial Services to use biometric ATMs".
  20. ↑ "Ujjivan SFB Launches Senior Citizen Account". Deccan Herald.
  21. ↑ "Ujjivan Bank launches tax saver FD scheme". The Hindu Business Line.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.