Ujji­van Bank to Start Branch Ops Today

The Economic Times - - Finance & Commodities - At­madip.Ray@ times­group.com

Kolkata: Ujji­van Small Fi­nance Bank will open its first set of branches for pub­lic trans­ac­tion on Mon­day, and start ex­pand­ing the network across In­dia from the next fis­cal year. The bank, backed by the UK’s CDC Group, will test all the tech­ni­cal and con­nec­tiv­ity sys­tems over the next month be­fore it goes full throt­tle with the ex­pan­sion, man­ag­ing di­rec­tor Samit Ghosh said.

On Fe­bru­ary1, the Re­serve Bank of In­dia is­sued a press re­lease say­ing that the bank com­menced op­er­a­tions on that day.

Ghosh clar­i­fied to ET that the bank was op­er­a­tionally ready since Fe­bru­ary 1, but cus­tomer trans­ac­tion would com­mence only on Fe­bru­ary 6 (Mon­day).

The com­pany, which raised .₹ 887 crore in an ini­tial pub­lic of­fer­ing last year, has planned a soft launch, with five branches in Ben­galuru as pi­lots.

There would be just about 14 branches by March. Post IPO, for­eign hold­ing in the com­pany came down to 48.32% as on Jan­uary 13, be­low the max­i­mum of 49% they can hold in a small fi­nance bank, with In­ter­na­tional Fi­nance Corp, El­e­var Eq­uity, and NewQuest Cap­i­tal Part­ners hav­ing di­rect in­ter­est in it.

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