On December 7, 2020 Ujjivan Small Finance Bank(SFB) Ltd introduced ‘Money Mitra’, a new channel, to make banking services accessible to its customers in their neighbourhood.
Money Mitra facilitates entrepreneurs of local businesses like kirana / medical stores or Insurance agencies to offer retail banking solutions to Ujjivan SFB customers exclusively.
Need
To facilitate banking services in nearby neighbourhoods to its customers and ensure safe and secure transactions, particulaty for customers who currently use feature phones for banking or avoid travelling long distance to branches.
Note- Money Mitra is expected to be in accordance with Ujjivan SFB’s purpose to build banking behaviour among its micro banking customers.
Key Info
- Currently, Ujjivan SFB has established over 100 Money Mitra outlets across the country.
- It also intends to scale up further this concept and penetrate markets that currently have no experienced retail banking.
Benefits of Money Mitra
i.Ujjivan SFB customers can make a deposit, withdraw money, pay Loan EMI(Equated Monthly Installments) and transfer funds without the need to visit the branch, at the Money Mitra outlets.
ii.This initiative will accelerate Ujjivan SFB’s overall drive to promote financial literacy and inclusion, as this SFB encourages its customers to take their banking solutions.
iii.With this initiative, Ujjivan SFB customers can choose banking facilities to buy daily essentials in their neighbourhood
Additional Info
Ujjivan SFB, aims to increase its footprints across markets, with this concept to offer a convenient banking solution to its customers.
Gist About SFB:
i.SFBc is a type of niche bank in India.
ii.The banks with a small finance bank license provide basic banking service of acceptance of deposits and lending.
iii.Capital Small Finance Bank, India’s 1st SFB was launched in April 2016. It is headquartered in Jalandhar, Punjab.
Recent Related News:
National Payment Corporation of India (NPCI) has launched ‘nth Rewards’, a business intelligence and analytics enabled omni-channel multi-branded loyalty platform. This platform enables users to earn ‘nth’ (denoting infinite possibilities) points through various bank transactions and redeem them instantly on various products, such as e-vouchers, donations, hotel and flight bookings.
About Ujjivan Small Finance Bank Limited:
It is a wholly owned subsidiary of Ujjivan Financial Services Ltd. It is included in the Second Schedule to the Reserve Bank of India Act, 1934.
Commenced operations as a Small Finance Bank– February 1, 2017
License– Reserve Bank of India(RBI) issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949
Managing Director(MD) and Chief Executive Officer(CEO)– Nitin Chugh
Headquarters– Bengaluru(Bangalore), Karnataka
