- Launches Micro Banking and General Banking outlets coinciding with its 6th year of Banking operations
- Meghalaya becomes the 21st State of Banking operations.
- The 25 banking outlets across the countryhave been launched in Bihar, Gujarat, Jharkhand, Kerala, Karnataka, Maharashtra, Meghalaya, NCT of Delhi, Odisha, Rajasthan, Tamil Nadu, Uttar Pradesh, and West Bengal
Utkarsh Small Finance Bank Limited (USFBL or the Bank), today announced the launch of 25 branches coinciding with its 6th Anniversary Celebrations. With this, the Bank offers its financial services through a network of 819 banking outlets in the country spread across 25 states and union territories.
The launch of these banking outlets in the country is aligned with the Bank’s strategy to extend its reach and thereby offer an entire gamut of financial services to customers in new and existing geographies. This includes savings & current accounts, fixed & recurring deposits, loans, credit, insurance products and investment products to customers across the Bank’s network.
USFBL provides micro-banking loans for business development services to the underprivileged or low-income individuals or groups who have limited access to financial service through Joint Liability Group (JLG) model of group lending. The JLG model of group lending involves peer-guarantee loan model, which enables individuals to take loans without having to provide collateral or security on an individual basis.
The Bank, in addition, offers wholesale lending, micro, small and medium enterprises (“MSME”) loans, housing loans, loan against property, commercial vehicles and construction equipment loans and gold loans products to its customers.
Speaking on the occasion, Govind Singh, MD & CEO, Utkarsh Small Finance Bank Limited, said, “It is a momentous day for Utkarsh Small Finance Bank Limited as we expand our footprint across the country today with 25 banking outlets. The inauguration of these branches is important to us, as we expand our presence in the Country. This will significantly improve the access to financial products by the residents and entrepreneurs of the respective regions that the Bank has to offer”.
The customers of the Bank can access banking services through multiple channels such as the branches, 24×7 ATMs, Internet banking, Mobile banking, Unified Payment Interface (UPI) and Call Centre. In addition, the Bank provides facility to customers for opening a bank account without having to visit the branch through the tablet-based application assisted model, “Digi On-Boarding”.
About Utkarsh Small Finance Bank Limited –
Utkarsh Small Finance Bank Limited (USFBL), incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing microfinance to the underserved and unserved segments. The Bank’s micro-banking operations are focused in rural and semi-urban locations of the country while its general banking operations are spread across the country. The Bank commenced its operations on January 23, 2017 pursuant to the small finance banking license granted by Reserve Bank of India on November 25, 2016.
The Bank extends microfinance loans based on Joint Liability Group (JLG) model to individuals, other retail asset loans including Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Personal Loans, Commercial Vehicle Loans, Construction Equipment Loans and Wholesale Lending to borrowers.
The Bank offers a slew of digital services such as internet and mobile banking, Digi On-Boarding, UPI and an online account opening facility for clients, besides a range of ATMs and Micro ATMs for ease of transactions, amongst others. The Bank is headquartered at Varanasi, Uttar Pradesh.