UJJIVAN SMALL FINANCE BANK, although a new entrant in the banking space—being in business only since 2017—has already made a name for itself. Having already attained significant scale in just seven years, the Bengaluru-based small finance bank (SFB) is now poised to enter the major league, ready to challenge more established players in the banking sector.
The SFB, slated to conclude the current fiscal year with over 750 branches, is strategically expanding its presence into major urban centres to capitalise on low-cost current and savings accounts (CASA) deposits, and a recent branch inauguration in Mumbai’s financial hub near BSE underscores this initiative. Concurrently, the bank is enhancing its service offerings, with a particular emphasis on expanding its mutual funds and gold loan portfolios. Additionally, it is actively exploring avenues to augment the proportion of secured loans within its overall lending portfolio, which presently stands at 28%.
Moreover, the SFB is implementing a comprehensive restructuring of its housing loan product, prioritising accessibility and streamlining turnaround times. This initiative is imperative as the bank faces stiff competition from both the larger banks and also non-banking financial companies (NBFCs).
In fact, highlighting the challenge, Ujjivan’s MD & CEO, Ittira Davis, points out that people still need to be told what an SFB is. “When you look at different banks, SFBs come in between the private and co-operative banks. You still have to explain to people what a small finance bank means,” he says. Davis is the third CEO of the bank in the last seven years.
Bu hikaye Business Today India dergisinin March 31, 2024 sayısından alınmıştır.
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Bu hikaye Business Today India dergisinin March 31, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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