The Ujjivan Small Finance Bank (SFB) Ltd received ‘Scheduled Bank’ status by RBI
The Ujjivan Small Finance Bank (SFB) Ltd, a wholly-owned subsidiary of Ujjivan Financial Services Ltd., has been included in the Second Schedule to the Reserve Bank of India (RBI) Act, 1934. With this, Ujjivan SFB has attained the status of a Scheduled Bank.
This status will enhance the market acceptability of the bank in its effort to garner institutional deposits at a competitive price and participate more actively in the inter-bank market. It also opens the door for issuing Certificates of Deposits (CDs), which will be an important source of funding. Currently, Ujjivan SFB has 65 full-fledged brick and mortar branches in eight states and two Union Territories.
It plans to convert 160 existing branches and 29 new Unbanked Rural Centres (URCs) by the end of FY 2017-18 and the remaining branches will be converted over a period of two years in line with RBI approval. The headquarters of Ujjivan SFB is located in Bengaluru.