History
Ujjivan Financial Services was founded in 2005 by Samit Ghosh, who previously worked with Citibank, Standard Chartered Bank, and HDFC Bank. The company began operations as a Non-Banking Financial Company (NBFC). [11] 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). [12] [13] At that time, the company served over 2.6 million customers across 464 branches in 24 states. [14]
Ujjivan received its final banking license from the RBI on 11 November 2016, and Ujjivan Small Finance Bank commenced operations in February 2017. [15] [16] In April 2017, the bank stated that it intended to convert all NBFC branches to SFB branches by the 2020 financial year. [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 was reportedly oversubscribed 166 times. The bank’s 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]
Services
Ujjivan SFB provides a range of products and services such as savings account, current account, fixed deposits (FD), [26] recurring deposits (RD), Vehicle Loans, MSE Loans, Housing Loans, Micro Loans, Home Loans & Small Business Loans. [27] 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. [28] 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 [29] and Tax Saver Fixed Deposit. [30]
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