JOIN USUjjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Limited, has been included in the Second Schedule to the Reserve Bank of India Act, 1934. With this, Ujjivan has attained the status of a Scheduled Bank.
Ujjivan SFB, which commenced its operations as a Small Finance Bank (SFB) from February this year, has 65 full-fledged brick and mortar branches operating 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 2017-18 and the remaining branches will be converted over a period of two years as per the RBI approval.
Samit Ghosh, MD and CEO of Ujjivan SFB said, “This is a very important milestone in our journey to transform from a microfinance company to a Small Finance Bank. It completes the transition phase, which started over two years ago and provides the final seal of approval from the Reserve Bank of India in setting up the SFB."
The bank's shares closed 10.17% higher at Rs 358.15 apiece on the BSE on Wednesday.