Ujjivan SFB introduces Money Mitra channel

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Ujjivan Small Finance Bank has announced the launch of a new channel to make banking services available to customers in their neighborhood. The Money Mitra channel will facilitate entrepreneurs doing local businesses like Kirana, medical stores, and insurance agencies to provide retail banking services to the bank’s customers exclusively.

The bank in a release said that the customers can now make a deposit, withdraw money, pay loan EMI, and transfer funds through these outlets without having to travel to its branches. The bank has set up over 100 Money Mitra outlets across the country and has plans to scale up further. The bank aims to provide convenient banking services to its customers. with the launch of the Money Mitra channels, the bank aims to provide the convenience of banking services to its customers in their nearest neighborhood. It also ensures safe and secure transactions to those customers who use feature phones for banking services or try to avoid traveling a long distance to the branches

Nitin Chug, CEO and Managing Director of Ujjivan small finance bank, said that Money Mitra is in-line with the bank’s purpose of building banking behavior, particularly among their micro banking customers. Ujjivan Small Finance Bank customers can now opt for banking services even if they go to buying daily requirements in their neighborhood.

UFSL obtained RBI’s final approval to establish and carry on business as an SFB on November 11, 2016. After which it transferred its business undertaking composing of its lending and financing business to the bank, which started its operations from 1, February 2017. Under Section 22 (1) of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has issued a license to the bank to carry out its business as a small finance bank in India. Ujjivan Small Finance Bank Limited is a ‘scheduled bank’ included in the Second Schedule to the Reserve Bank of India Act, 1934. The promoter, Ujjivan Financial Services Limited (UFSL), started its operations as an NBFC in 2005 with the objective to offers a wide range of financial services to the rural poor who were not getting financial services.

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