Ujjivan Small Finance Bank (USFB), a wholly-owned subsidiary of Ujjivan Financial Services Limited made a partnership with a fintech, NIRA to strengthen its digital footprint and onboard its customers for Personal Loans. This was USFB’s first Digital Lending Partnership.
Key points about the partnership:
- Objective: To serve the unserved and underserved customers through personal loans.
- Salaried customers can apply for a personal loan by using the NIRA app, which will fund the low-income salaried class.(The Lowest eligible Income to receive the loan Varies from Rs.11,000-Rs.20,000).
About Small Finance Bank (SFB):
- SFBs are the financial institutions that will provide financial services to the unserved and unbanked region of the country. They will be registered as a public limited company under the Companies Act, 2013.
- Capital Small Finance Bank followed by Equitas Small Finance Bank were the first two SFBs formed in India.
- Shivalik Mercantile Co-operative Bank (SMCB) was India’s 1st Urban Co-operative Bank(UCB) Converted into SFB under the Voluntary Transition Scheme of RBI.
Recent Related News:
On 8th March 2021, USFB launched “Garima Saving Accounts”, a woman Saving Account to provide the financial needs of women. The account offers various customised benefits for women which includes a maximum of 7% rate of interest on the savings account.
About Ujjivan Small Finance Bank(USFB):
Establishment – 1st February 2017
Headquarters– Bengaluru Karnataka
MD & CEO– Nitin Chugh
Tagline – Build a Better Life
Headquarters – Bangalore, Karnataka
CEO and Co-founder – Rohit Sen