Ujjivan SFB forays into TS, plans to enter AP nxt fiscal

Hyderabad: Ujjivan Small Finance Bank (SFB) announced its foray into Telangana with five branches. As part of this expansion, the bank will inaugurate its first four new branches in Madhapur, Kukatpally, AS Rao Nagar, and Secunderabad next week. This marks the bank's presence in 25 states and Union territories, with 598 branches serving over 71 lakh customers across the country.

The SFB will open another branch in Dilsukhnagar in February, 2023. Andhra Pradesh will be its 26th State as it plans setting up branches at Vijayawada, Visakhapatnam and Rajahmundry by next financial year. It is committed to fostering inclusive growth in both Telugu States through its comprehensive range of banking products and services.

Ittira Davis, MD and CEO of Ujjivan SFB, said, "By the end of this financial year, we are aiming to open 625 branches to strengthen our presence across India. Apart from entering into AP, we also plan to launch 10 branches in tier-2 cities of Telangana. Our commitment to serving a diverse range of customers in Telangana with innovative banking solutions will drive our expansion efforts in the region."

He further said, "Our entry into Telangana is part of our strategy to build a balanced portfolio of secured and unsecured loans while leveraging our branch network to mobilise retail deposits. We are dedicated to driving financial inclusion in the country through our ongoing expansion efforts and expanding our branch network."

As a mass market bank, Ujjivan SFB aims to build a stable and diverse customer base while prioritising digital banking and diversifying revenue streams. The bank will offer a range of products, including savings and current accounts, deposits, and loans for affordable housing and micro, small, and medium enterprises (MSMEs). It is known for offering some of the most competitive interest rates in the market.