Ujjivan Small Finance Bank Opens Four Branches in Telangana
Honourable Minister of Home, Prison and Fire Services of Telangana, Sri Mohammed Mahmood Ali inaugurates the Madhapur branch
Opens branches in Madhapur, Kukkatpally, AS Rao Nagar, and Secunderabad Ujjivan SFB now has 598 branches catering to more than 71 lakh customers in India
Hyderabad, 18 January 2023: Ujjivan Small Finance Bank opens four branches in Madhapur, Kukkatpally, AS Rao Nagar and Secunderabad, Telangana today. Telangana’s Honorable Minister of Home, Prison, and Fire Services, Sri Mohammed Mahmood Ali, graced the occasion and inaugurated the Madhapur branch. This establishes the bank’s presence in 25 states and Union territories, where 598 branches serve over 71 lakh customers.
Through its extensive array of banking products and services, Ujjivan Small Finance Bank (SFB) is dedicated to fostering inclusive growth in Telangana. As a mass-market bank, Ujjivan SFB aims to cultivate a diverse and stable customer base while prioritizing digital banking and diversifying revenue streams. The bank currently offers Savings and Current Accounts, deposits, and loans. Ujjivan SFB offers the most competitive interest rates in the market, with 7.5% on savings accounts, 8.75% on fixed deposits for senior citizens, and 8% for regular customers for 560 days.
Ujjivan Small Finance Bank also offers a range of business loans for Micro and Small Enterprises between INR 10 Lakhs and INR 10 Crores, as well as Affordable Housing Loans between INR 5 Lakhs and INR 75 Lakhs. These loans are designed to assist individuals and businesses in achieving their financial objectives, such as business expansion and for the purchase and construction of their dream homes.
Speaking on the occasion, Mr. B A Prabhakar, Chairman of Ujjivan Small Finance Bank, “Our presence in Telangana reinforces our commitment to becoming the preferred bank for the mass market. We believe that our extensive array of banking products and services, including competitive interest rates on savings and deposits, will enable us to make a significant difference in the lives of the people of Telangana. We are focused on purpose-led and inclusive growth of the communities we serve across geographies.”
Speaking on occasion, Ittira Davis, MD and CEO of Ujjivan Small Finance Bank, said, “Ujjivan Small Finance Bank is pleased to announce the launch of its Telangana operations. With the opening of these four new branches, we intend to build a diversified portfolio of secured and unsecured loans while mobilizing retail deposits through our branch network. We are committed to advancing financial and digital inclusion through our ongoing branch network expansion.”
Ujjivan Small Finance bank has witnessed a business turnaround with its profitable last two quarters. In the quarter that ended December 2022, the total deposits of Ujjivan SFB increased by 49% Y-o-Y, driven by strong momentum in the retail deposit, which grew 72% Y-o-Y. The bank witnessed a 33% Y-o-Y in the gross loan book, with disbursement sustaining above ₹ 4,800 crores.
Collection efficiency was maintained at 99+%, with the restructured NPA book showing healthy collections. The Asset Quality improved, too, with PAR further declining to 5.0% from 6.1% Q-o-Q and GNPA further down to 3.3% from 4.4% Q-o-Q.
