Ujjivan Small Finance Bank opens

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Nashik: Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. yesterday announced the commencement of its banking operations in Nashik with the launch of one branch. The bank branch is located at Gangapur Road, Vidya Vikas Circle. Ujjivan SFB plans to open its second branch at Jail Road in Nashik within a week.

Ujjivan Small Finance Bank (www.ujjivansfb.in) had commenced its banking operations in February 2017 with pilot branches in Bengaluru. Today, with 58 branches, Ujjivan SFB has established its presence across Maharashtra, Karnataka, Tamil Nadu, New Delhi, West Bengal, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Haryana.

Over the past 8 years, Ujjivan’s microfinance branch in Nashik has catered to over 42,600 customers. The existing Ujjivan customers would be on-boarded as bank customers. The process of on-boarding over 6900 microfinance customers has already been initiated, while the transition for the rest will take place in a phased manner.

Speaking on the development, Mr. Jolly Zachariah of Ujjivan SFB said, “After serving our customers as a microfinance entity, I am pleased to now announce the launch of our banking operations in Nashik.

“At Ujjivan SFB, we are striving towards making banking more seamless and accessible for our customers and hence we have invested significantly on technology and digitization. Ujjivan SFB offers savings bank account with no charges for minimum balance. Aadhar enabled KYC facilitates paperless account opening in around 5-7 minutes,” he said.

“This is being done using biometric authentication on a hand-held device.The device can also be used for cash deposits, withdrawals and fund transfers at the customer’s doorstep. Additionally, we are providing a whole host of benefits such as doorstep banking, mobile, internet and phone banking, access to biometric ATMs and Aadhar enabled debit cards,” Mr Zachariah added.

Giving more information, Mr Vikram Shingade said, “The customers of Ujjivan SFB will have unlimited access to ATM 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 SFB will also offer remittance services enabling customers to transfer money within Ujjivan and other bank accounts in a very reasonable and affordable manner. This has always been a key requirement of customers from this segment. Customers can also visit branches to avail this facility,” he added.

Mr Abhiroop Chatterjee said, “Ujjivan SFB branches have been specifically designed to be customer friendly with the philosophy of ‘always assisted’. The bank will be inviting customers on a facilitated guided tour where critical aspects of banking services will be explained and demonstrated.”

Explaining the rationale of the bank, Manish Raj said, “Ujjivan SFB’s goal is to build a leading state of the art mass market bank in five years to serve the vast un-served and under-served customer base who currently are outside the formal banking system.”

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