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Suryoday Small Finance Bank (SSFB) launches a unique branch expansion model – Partners with Ex-Bankers

Chennai, March, 2018 Suryoday Small Finance Bank (SSFB), one of the fastest growing small finance banks today announced the opening of its first ‘Partnership led Outlet’ in Chennai. The branch was inaugurated by Mr. Baskar Babu, MD & CEO of Suryoday Small Finance Bank.

Speaking on the occasion, Mr. Baskar Babu – MD & CEO, Suryoday Small Finance Bank said, “We are delighted to open our first “Partner led banking” Outlet by Partnering with Ex-Bankers, thereby fostering partnership and entrepreneurship. At Suryoday strong governance, transparency and superior customer experience are non-negotiable and we believe that these partners, who have been ex bankers; would help bring in more ideas on servicing and understanding the customer needs. This is a unique business model we see opportunity and growth through this.

Speaking further, he said “In the first year of operation, our endeavor has been about getting the basics right. In the next financial year, we will be focusing on conversion of our 216 microfinance branches to banking outlets. We want to deepen the relationship with our customers and move from being lenders to wealth creators for them. In terms of business approach, we plan to build a healthy book but and in the process we want our customers to grow with us.”

Suryoday Small Finance bank (SSFB ) is positioned well both in terms of assets and liabilities. Currently (end of Q3-FY-18’) SSFB has a deposit base of more than 500 crs a gross loan portfolio of around 1,352 crs, with a YOY growth of 37%.

About Suryoday Small Finance Bank

Suryoday Small Finance Bank Ltd (previously known as Suryoday Micro Finance Ltd) kick-started its banking operations last year with 25 full-service operational branches across 6 states Maharashtra, Tamil Nadu, Puducherry, Odisha, Gujarat and Madhya Pradesh.

The Bank’s net worth as of March 2017 is Rs. 505 Crore (provisional) with an Asset Book size of Rs. 964 Crore, Capital Adequacy ratio of 53%. and credit ratings A- / A1 by CARE.

On the liabilities side, SSFB offers CASA, FD, Tax saver FD and RD products with one of the most competitive deposit rates in the industry. Currently a savings account can get an interest rate of up to 7.25%, whereas for an FD, the customer can earn up to 8.75% interest rate. For senior citizens, the interest rate offered is 9%

The Bank’s website www.suryodaybank.com offers comprehensive details about its products and services.

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