Ujjivan Small Finance Bank Seeks License From RBI For Universal Banking
Ujjivan Small Finance Bank Seeks License From RBI For Universal Banking
Strap – Aims to join the ranks to provide comprehensive services
On its long-term goal of enhancing financial offerings, Ujjivan Small Finance Bank has applied for a universal banking license from the Reserve Bank of India (RBI).
The bank has consistently demonstrated strong financial performance and a commitment to financial inclusion, serving a diverse aspiring customer base.
It is prepared to join the ranks of universal banks, considered a significant milestone in evolution, subject to RBI approving the application.
On securing the license, it will strengthen Ujjivan's efforts to provide holistic financial services to its customers and empower aspiring Indians with a wider range of banking solutions.
In 2024, AU Small Finance Bank applied to the RBI seeking approval for a similar license.
Earlier, the RBI had invited applications from small finance banks meeting specified criteria, including a minimum net worth of Rs.1,000 crore to become a regular or universal bank.
