Tag: Small Finance Bank

Ujjivan Small Finance Bank opens its first branch in Dilsukhnagar, 5th in Hyderabad

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Finance Bank

Telugu Super News,Hyderabad ,March 21,2023:Ujjivan Small Finance Bank Limited today announced the opening of its fifth branch in Hyderabad. Across the country, Ujjivan SFB has 610 branches with a customer base of more than 75 lakhs. 

Ujjivan SFB offers term deposits at attractive interest rates, with one of the highest fixed deposit interest rates at 8.25% for regular customers and 8.75% for senior citizens for 560 days. The bank offers 8.25% interest for NRE and NRO customers for 560 days. The non-callable Platina FD is at 8.45% for 80 weeks (560 days).

Ujjivan SFB’s savings account offering includes the Privilege Savings Account, which comes with unlimited free transactions across any bank ATM, unlimited free fund transfers through net banking and mobile banking, and higher cash transaction and withdrawal limits. The bank also offers an exclusive Senior Citizen Account, a Garima Account for Women, and NR Accounts & Solutions. The bank’s Business Edge Current Account has flexible cash deposit limits, customised POS offers, and an OD facility through BusiMoni OD.

The bank also offers Business Loans for Micro, Small and Medium enterprises ranging from ₹10 lakhs to ₹10 Crores including loan against property and working capital finance to meet diverse needs with seamless banking experience. Under the Affordable Housing Loan, bank offers wide range of housing products like Home construction/purchase, Home Improvement and Composite Loans (Plot Purchase & Construction) at competitive pricing with doorstep services ranging from ₹ 5 lakhs to ₹75 lakhs for those looking to purchase/construct their dream home.

Speaking on the launch, Mr Ittira Davis, MD & CEO, Ujjivan SFB, said, “We are delighted to announce our new branch in Dilsukhnagar, the fifth in Hyderabad. We recently entered the market and are committed to making banking easy and accessible to the people of Hyderabad. We are delighted by the resounding response we received at the four recently launched branches in Hyderabad and are confident of the continued response. We witnessed a rising demand for banking solutions and are confident on delivering on the requirements with the launch of the new branch. We are committed to offering a healthy mix of banking solutions to the masses.”

RBI approves re-appointment of Mr. Ittira Davis as MD and CEO of Ujjivan Small Finance Bank

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RBI approves

Telugu super news,Mumbai,December 12 2022: Ujjivan Small Finance Bank has received approval from the Reserve Bank of India to re-appoint Mr. Ittira Davis as its Managing Director & CEO for two years, starting January 14, 2023. Ujjivan SFB sought approval from the regulator for his re-appointment until January 2025.

Under his leadership, the bank delivered a record performance over last few quarters – strong pick-up in business volumes (both disbursements and deposits) and sustained improvement in collections leading to highest-ever quarterly profit of Rs. 294 crores in the second quarter of FY’23.

Mr. Davis has been associated with Ujjivan since March 2015. In his first pivotal assignment as the Head of Transition, his role was to oversee the successful transformation of a micro-finance institution into a small finance bank which included accessing the capital markets with a successful IPO.

Mr. Davis took charge of Ujjivan SFB as Managing Director and Chief Executive Officer on January 14, 2022 and spearheaded a growth plan for the bank to return to profitability. Addressing the challenges of stress build-up owing to Covid, he rolled out a strategy that focused on improving collection efficiencies, re-building business volumes, improving asset quality, strengthening the leadership team and bringing an overall positive environment. This resulted in improved profitability, setting the bank towards a stable growth trajectory.

Speaking on the occasion, Mr. B A Prabhakar, Chairman of Ujjivan Small Finance Bank, said: “We are very pleased with the re-appointment of Ittira Davis as our MD and CEO. He has been a catalyst in turning the bank around in record time and leading it towards a stronger future. He is an exceptional leader with extensive global banking experience, and we look forward to more success and glory under his wise guidance.”

Mr. Ittira Davis has over 40 years of experience working extensively in India, Middle East and Europe. Prior to Ujjivan, Mr. Davis was Managing Director of Europe Arab Bank, London. He has also held leadership positions with Arab Bank plc, Bahrain and Citibank, India. He is an alumnus of the Indian Institute of Management-Ahmedabad (IIM-A).