Ujjivan Small Finance Financial institution on Tuesday introduced the submission of the applying for common banking licence to the Reserve Financial institution of India (RBI). This step aligns with the financial institution’s long-term imaginative and prescient to strengthen its choices and place within the sector, Ujjivan Small Finance Financial institution stated in a press release.
The financial institution has constantly demonstrated sturdy monetary efficiency and a dedication to monetary inclusion, serving a various aspiring buyer base, it stated.
Ujjivan is ready to affix the ranks of common banks, thought of a really important milestone in its evolution, topic to RBI granting approval to its software, it stated.
Securing the Common Banking licence, if authorised, will strengthen Ujjivan’s efforts to supply holistic monetary companies to its clients and empower all aspiring Indians with a wider vary of banking options, it stated.
Final yr, AU Small Finance Financial institution submitted an software to the RBI searching for approval for a common financial institution licence.
The RBI, in April final yr, invited purposes from small finance banks assembly specified standards, together with a minimal web price of Rs 1,000 crore, for changing into common or common banks.
