Mumbai - 5 May 2017: Utkarsh Small Finance Bank launched its first Mumbai branch with this first General Banking Branch (at Chembur in Mumbai) and 37 existing JLG Branches, Utkarsh has presence in 9 districts of Maharashtra. Utkarsh has started its banking operations in January, 2017 after receiving the final nod from RBI. Hitherto, Utkarsh had been operating as NBFC-MFI with 374 Branches pan India.
The inauguration was done by Mr. Kajal Ghose, Independent Director- Utkarsh Small Finance Bank along with Dr. M.L Sukhdeve, Chairman of Maharashtra State Cooperative Bank. Speaking on the occasion, Mr Ghose said that it is an auspicious day for all at Utkarsh and in the past years Utkarsh had made a lot of recognition for itself as a MFI institution. He expressed that Utkarsh would replicate that name, vision, mission and the core values, keeping customers in the centre under the Banking space. He further mentioned that Utkarsh has plans to cater MSME, Urban deposits and retail deposits by addressing their needs and thereby reducing cost of funds. Further, he addressed the team and wished them good luck for the future. Mr. Sukhdeve also wished the Bank and its team for their future success.
Commenting on the inauguration of the branch in Mumbai, Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank said, “We are pleased to venture into Mumbai. This launch is aligned with the Bank’s strategy to extend its reach and offer entire gamut of financial services including credit, savings, investments and insurance products to customers across Maharashtra. The new branch aims at deepening relationships and attracting new customers, thus strengthening Utkarsh Small Finance Bank’s client base. As we expand into deeper geographies to serve the local populace, we look forward to bring a whole new world of convenience and flexibility to customers.”
The branches will provide the full range of banking services ranging from savings & current accounts, fixed and recurring deposits to retail loan products, insurance and investment products. The customers can access banking through multiple channels like branches, 24*7 ATMs, internet banking, mobile banking and call centre. Apart from this the bank’s treasury and IT hub will operate from the same premises.
Company has also started converting its existing Joint Liability Branches into Micro banking branches, in coming 12 -15 months, which will offer basic banking services like savings and current accounts, fixed and recurring deposits, loans, insurance and other services.
About Utkarsh Small Finance Bank
Utkarsh Small Finance Bank Ltd.’ is RBI licenced Small Finance Bank. Headquartered at Varanasi, Uttar Pradesh, the bank has operations in Uttar Pradesh, Bihar, Jharkhand, Maharashtra, Madhya Pradesh, Chhattisgarh, Delhi-NCR, Uttarakhand, Haryana and Himachal Pradesh.
Utkarsh Micro Finance is the promoting company for Utkarsh Small Finance Bank. Utkarsh Micro Finance started its operations way back in September 2009 to provide financial and non-financial services in its area of operations to the unbanked population who have the skill but are in need of capital. Initially, it started with credit under Joint Liability Group (JLG) model. Today the company is also having Micro, Small & Medium Enterprise loan (MSME) and Housing Loans.
The current outreach of Utkarsh is in 110 districts of 10 states with over 12 lakh active client base. Utkarsh has 384 branches in these geographies with over 3,850 employees. The current portfolio outstanding of Utkarsh is over Rs. 1,700 crore.
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