Ujjivan Bank to Start Branch Ops Today
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.