Ujjivan Small Finance Bank Applies For Universal Banking Licence

Ujjivan Small Finance Bank Ltd. on Tuesday announced the submission of the application for universal banking licence to the Reserve Bank of India.

This step aligns with the bank's long-term vision to strengthen its offerings and position in the sector, Ujjivan Small Finance Bank said in a statement.

The bank has consistently demonstrated strong financial performance and a commitment to financial inclusion, serving a diverse aspiring customer base, it said.

Ujjivan is prepared to join the ranks of universal banks, considered a very significant milestone in its evolution, subject to RBI granting approval to its application, it said.

The universal banking licence, if approved, will strengthen Ujjivan's efforts to provide holistic financial services to its customers and empower all aspiring Indians with a wider range of banking solutions, it said.

Last year, AU Small Finance Bank submitted an application to the RBI seeking approval for a universal bank licence.

The RBI, in April last year, invited applications from small finance banks meeting specified criteria, including a minimum net worth of Rs 1,000 crore, for becoming regular or universal banks.