Ujjivan Small Finance Bank (SFB) has filed an application with the Reserve Bank of India (RBI) to obtain a universal bank license. This move marks a significant step forward for the bank, which aims to provide a wider range of banking services to its customers. The application was submitted in accordance with the guidelines set by the RBI, and the bank is seeking approval for the voluntary transition from a small finance bank to a universal bank.
As a universal bank, Ujjivan SFB will be able to offer a broader range of financial services to its customers, including deposit-taking, lending, and other banking products. This will enable the bank to provide more comprehensive financial solutions to its customers, empowering them to achieve their financial goals.
The bank’s Managing Director and CEO, Sanjeev Nautiyal, expressed his enthusiasm for the application, stating that securing the universal banking license will strengthen the bank’s efforts to provide holistic financial services to its customers. He emphasized that the bank’s goal is to empower all aspiring Indians with a wider range of banking solutions.
The transition to a universal bank will also enable Ujjivan SFB to expand its reach and customer base, providing more opportunities for growth and development. The bank’s application is subject to the approval of the RBI, which will review the application and assess the bank’s readiness to operate as a universal bank.
Overall, Ujjivan SFB’s application for a universal bank license is a significant development in the banking industry, and it is expected to have a positive impact on the bank’s customers and the wider financial ecosystem.