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Ujjivan Small Finance Bank commences operations in Erode

Erode, April, 2018: Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. today announced the commencement of its banking operations in Erode. The bank branch is located at Kalaivanar Street, Sathy Road in Erode. The branch was inaugurated by Dr. E K Sagadhevan, MD, Lotus Hospital.

Ujjivan Small Finance Bank (www.ujjivansfb.in)began its operations in February 2017and is currentlyoperational across20 States and Union Territories. Ujjivan has been operating in Erode since 2009catering to 9000customers. The existing microfinance customers would soon be on-boarded as bank customers.

Ujjivan is present across 26districts in Tamil Naduwith 63branches, catering to over 5.8 lakh customers.

Speaking on the launch, Mr. 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 Erode today. 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 underserved customers.”

Commenting on the inauguration, Mr. Ittira Davis, Chief Operating Officer, Ujjivan Small Finance Bank Ltd. said, “We are striving to make banking more seamless and accessible for our customers. Ujjivan SFB is offering savings bank account with no charges on non-maintenance of minimum balance. Aadhar enabled KYC facilitates paperless account opening in less than 10 minutes 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. We are also providing a whole host of benefits such as internet banking, mobile banking, phone banking, SMS and missed call banking.’’

Ujjivan SFB offers Aadhar enabled Rupay debit card and biometric enabled ATMs. Customers get access to unlimited 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 Small Finance Bank offers attractive 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. Customers can also opt for home loan offerings such as construction, purchase or renovation of house and loan against property.

Ujjivan Small Finance Bank has 180+ branches live nationally. 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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