Ujjivan gets RBI nod to commence Small Finance Bank operations
“Ujjivan Small Finance Bank Limited”, is expected to commence banking operations in the first quarter of 2017 after receiving necessary approvals, registrations and licensing from various departments of RBI and other integrated agencies.
Commenting on the development, Samit Ghosh, CEO & Managing Director, Ujjivan Financial Services Limited, said, “It is a proud moment for all of us at Ujjivan, as this approval from RBI has taken us a step closer to our mission of providing comprehensive financial inclusion to the segments we wish to serve.As a bank, we willnow provide the full range of services to the un-banked and under-banked in the 24 states we operate in.Our experience of functioning as an MFI for over a decade in the segments we have served will immensely benefit the future operations of Ujjivan Small Finance Bank Limited."
Ghosh said, "Currently, we are in the process of executingthe final building blocks for the SFB and are testing our innovative technology, operations & mobility solutions created specifically for the SFB.”
The approval to set up a small finance bank comes at the backdrop of a profitable Q2 FY 2016-17 results.
Ujjivan reported 89.69% increase in its Net Profit to INR 73.01 crorefor the quarter ended Sept 30 and a gross loan book growth of 58.65% to INR 6,485.93 crore.
Ujjivan has posted a profit after tax of Rs 144.4 crore for the half year ended Sept 30.
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