Ujjivan Small Finance Bank Limited (USFB), a wholly owned subsidiary of Ujjivan Financial Services Ltd, today commenced its operations in Tamil Nadu by inaugurating five branches.
The branches are located in Salem, Krishnagiri, Dharmapuri, Vellore Katpadi and Tirupathur.
Commencing its operations with pilot branches in Bengaluru in February, USFB at present has 34 branches spread across Karnataka, Maharasthra, New Delhi and West Bengal besides Tamil Nadu, a bank release said.
Ujjivan's Microfinance business was already operational in 24 districts in Tamil Nadu with 56 branches.
Over a period of eight years, Ujjivan's Microfinance Branch in Salem catered to more than 12,700 customers and these would be on-boarded as bank customers, the release said.
"In less than four months of our bank launch, we have established our presence across all four regions - South, North, East and West and in the coming months, we will continue to increase our banking footprint across the country to serve the target customer segments," USFB Managing Director and CEO Samit Ghosh said in the release.
"Ujjivan SFB's goal is to build a leading state-of-the-art mass market bank in five years to serve the vast un-served and under-served customer base who currently are outside the formal banking systemm," Ghosh said.
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