Ujjivan collects `1000 cr in deposits
Ujjivan Small Finance Bank has been able to collect `1000 crore in 7 months of its operations and what has contributed to this performance was the 8% interest if offers on deposits. According to Ittira Davis, COO, there has been an encouraging response for the interest rate offered on savings with a half per cent higher rates for senior citizens vis-a-vis 6.5%-7% in other banks. He added that the bank hopes to garner `1500-`2000 crore in the first year of operations. The bank is offering SB account with no charges for minimum balance and providing host of other benefits such as doorstep banking, mobile internet, phone banking etc. The hand-held device for biometric authentication for instant account opening can also be used for cash deposits, withdrawals and fund transfers at the customers doorstep.