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Newsmen Bureau

Kolkata, 06 February: MICROFINANCE firm Ujjivan Financial Services Ltd today began a new chapter with the launch of five pilot branches of Ujjivan Small Finance Bank (Ujjivan SFB) in Bengaluru.

Ujjivan Financial Services Ltd was founded in 2005 as a non-banking financial company by Samit Ghosh, a Bengali based in Bengaluru.

It got licence from the Reserve Bank of India (RBI) in November last year to start a Small Finance Bank, wherein it can accept deposits and lend money to people, but cannot borrow money from RBI like a full-fledged commercial bank.

The five pilot branches of Ujjivan SFB will provide full service offerings. In the next one month, the bank will comprehensively test its technology, channels, people, and processes as part of its roll-out.  It has plans to extend these services across 457 branches in 24 states over the next few months.

Commenting on the occasion, Ghosh said: “Ujjivan SFB will offer a no minimum balance savings bank account with the full range of banking services and benefits using the latest technology to the un-served customers. We will provide a whole host of benefits such as door-step and paperless banking, mobile, internet, phone banking, and access to biometric ATMs, and Aadhar enabled debit cards.”

Ghosh added: “The 3.5 million customer base and industry high customer retention rate of Ujjivan reiterates the success of our decade long commitment and validates our approach to serve the un-served across the country.”

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.