Pondicherry, August1, 2017: Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Ltd. announced today the commencement of its banking operations in Pondicherry with the launch of one branch. The bank branch is located at Villanur Main Road. The branch was inaugurated by Dr. Satyendra Singh Dursawat – IAS, District Collector and District Magistrate, Pondicherry, Dr. Rachna Singh – PPS, Superintendent of Police (North), Pondicherry, Mr. Chandrasekhar, Lead District Manager, Pondicherry and Mrs. Uma Gurumurthy, District Development Manager, NABARD, Pondicherry.
Ujjivan Small Finance Bank (www.ujjivansfb.in)had commenced its banking operations in February 2017 with pilot branches in Bengaluru. Today, with 63 branches, Ujjivan SFB has established its presence acrossTamil Nadu, Karnataka, Maharashtra, New Delhi, West Bengal, Himachal Pradesh,Uttar Pradesh, Uttarakhand and Haryana. Ujjivan has also opened a branch in Cuddalore today.
Over the past 7 years, Ujjivan’s microfinance branch in Pondicherry has catered to over 26,400 customers. The existing Ujjivan customers would be on-boarded as bank customers. The process of on-boarding over 7600microfinance customers has already been initiated, while the transition for the rest will take place in a phased manner.
Speaking on the development, Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd.said, “After serving our customers as a microfinance entity, I am pleased to now announce the launch of our banking operations in Pondicherry. Pondicherry is a key strategic market for Ujjivan with the largest customer base of over 26,400 customers. In five months of ourbank launch, we have established our presence across all four regions -South,North, East and West India. In the coming months, we will continue to increase our banking footprint across the country to serve thetarget customer segments.”
Commenting on the launch, Mr. Ittira Davis, Chief Operating Officer, Ujjivan Small Finance Bank Ltd. said, “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 is offering savings bank account with no charges for minimum balance. 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.Aadhar enabled KYC facilitatespaperless account opening in approximately 5-7 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.’’
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.
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.
Ujjivan SFB has also launched a powerful, educational film on Financial Literacy titled‘Paison Ki ABCD’ in partnership with Parinaam Foundation, a non-profit organization.Financial Literacy of the economically deprived is the first step towards ensuring financial inclusion within India. With this aim, the film was curated under the direction of renowned Filmmaker, Mr. Pradeep Sarkar who has beautifully brought the vision and aspiration of Ujjivan SFB alive on celluloid.
Through this film, Ujjivan SFB and Parinaam Foundation intend to influence the mindset of consumers, eliminate the misconceptions about banking and educate them about the importance and benefits of a bank account. The film highlights how Ujjivan SFB will make the banking process simple, accessible for customers; strengthen their finances and set their future on a path of financial freedom.
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.