Ujjivan Small Finance Bank begins operations in city

Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. on saturday began its banking operations in the Capital City. The bank branch is located at Ratu Road and was inaugurated by Manoj Kumar Singh, SP-ACB Ranchi.

Ujjivan Small Finance Bank is currently operational across 21 States and Union Territories with over 180 branches. It has been operating in Ranchi since 2009 catering to over 15000 customers.

The existing microfinance customers would soon be on-boarded as bank customers. Ujjivan is present across 10 districts in Jharkhand with 14 branches, catering to over 1.1 lakh customers.

Speaking on the launch, 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 Ranchi. 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, Ittira Davis, Chief Operating 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. Aadhar enabled KYC facilitatesopening 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 witha 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% on Fixed Deposits (for 1-2 years on FD less than 1 crore) and an additional 0.5% interest rate for Senior Citizens.

The bank provides customised solutions to consumers looking for home construction loan, purchase or renovation loan and loan against propertyat competitive rates for the customer segments targeted.

A range of new products is expected to be launched by the bank in the coming quarter.