With prototype branches in Bengaluru, Ujjivan SFB launched banking operations in February 2017. Ujjivan SFB now has 575 branches spread across 24 states and union territories. Ujjivan Small Finance Bank Limited is Ujjivan Financial Services Ltd's wholly-owned subsidiary. Following the transfer of the company undertaken by Ujjivan Financial Services Ltd, the bank entered service as a Small Finance Bank on February 1, 2017. The Reserve Bank of India has granted the bank a permit as a small finance bank in India under Section 22 (1) of the Banking Regulation Act, 1949. On Monday, Ujjivan Small Finance Bank announced the introduction of a "Women Savings Account" to meet women's financial needs. The 'Garima Savings Account,' as the product is known, will provide women with a variety of tailored perks, including a savings account that provides up to 7% interest. Ujjivan SFB intends to represent the financially literate and economically involved women of the market segment with this product and remain a partner in their banking services.
The Garima Savings Account allows for a higher cash deposit and unrestricted withdrawals at any Ujjivan SFB branch, with no additional costs for transactions outside the home branch. Customers are also able to conduct unlimited free NEFT and RTGS transactions via online and mobile banking, according to the bank. The account deals with a customised Rupay Debit Card with various benefits attached to it, as well as a personally tailored cheque-book crafted specifically for women. Purchase cover, one call card blocking, and deals on bill payments, entertainment, and lifestyle are just a few of the other perks. Mr Nitin Chugh, MD & CEO of Ujjivan Small Finance Bank, said of the launch, "We have been working with women customers for the last 15 years." We have a strong awareness of the financial needs of women consumers as a result of our previous experience as an MFI and now as a Bank. He also mentioned that we have a thorough overview of the financial needs of women friends. As a result, we understand how to meet their goals and needs. Furthermore, we would like to continue to learn from our customers and improve our product services.