New Delhi, February 4 (PTI) – Ujjivan Small Finance Bank has submitted its application to the Reserve Bank of India (RBI) for a universal banking license, marking a significant step in the bank's long-term strategy to enhance its offerings and fortify its position in the banking sector.
In a statement issued by the bank, Ujjivan Small Finance Bank highlighted its consistent track record of strong financial performance and a deep commitment to financial inclusion. The bank has made a substantial impact by serving a diverse customer base of aspiring individuals.
The bank expressed its readiness to transition into the league of universal banks, a critical milestone in its growth trajectory, contingent upon RBI’s approval of its application.
If granted, the universal banking license will enable Ujjivan to offer a broader spectrum of financial services, thereby empowering more Indians with comprehensive banking solutions that cater to their varied financial needs.
This development comes on the heels of AU Small Finance Bank’s own application for a universal banking license, which was submitted to the RBI last year.
In April 2024, the RBI had invited applications from small finance banks meeting certain criteria—including a minimum net worth of ₹1,000 crore—to apply for a transition into regular or universal banks.