Ujjivan Small Finance Bank Commences Operations In Gurgaon and Noida

India, (13/12/2018): Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. today announced the commencement of its banking operations in Gurgaon and Noida. The bank branches are located at Sector 47 in Sohna Road in Gurgaon and Sector 18 in Noida.

Ujjivan Small Finance Bank (www.ujjivansfb.in) began its operations in February 2017 and is currently operational across 24 States and Union Territories with 350+ branches live. The existing microfinance customers would soon be on-boarded as bank customers. Ujjivan is present across 19 districts in Haryana and 13 districts in Uttar Pradesh with total 51 branches, catering to around 3.40 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 Gurgaon and Noida today. 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. Sanjay Kao, Chief Business 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 of features & benefits. Aadhaar enabled KYC facilitates opening 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 with a 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 8.60 % on Fixed Deposits for 799 days and 9.10 % for Senior Citizens on the same tenor. The bank provides customized solutions to consumers looking for home construction loan, purchase or renovation loan and loan against property at 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 is also offering Business loans and Enterprise Loans for requirement of working capital, debt consolidation and capital expenditure with minimal paperwork and quick processing for medium & small enterprises. A range of new products is expected to be launched by the bank in the coming quarter.

Ujjivan SFB offers Aadhaar 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.