Home / Industry / Ujjivan becomes 5th entity to start small finance bank

Mumbai: Ujjivan Small Finance Bank started operations on Wednesday, according to a Reserve Bank of India (RBI) notification released on its website.

Ujjivan becomes fifth entity to start a small finance bank. The bank is not offering higher interest rate like its peers.

“We are open to public from 6 February. Currently we are running pilot program in five existing branches in Bengaluru which will be converted into small finance bank branches. We will be giving around 4% on saving accounts," said Samit Ghosh, managing director and chief executive officer of Ujjivan Small finance Bank.

Utkarsh Small Finance Bank is offering 6% on saving bank accounts while Suryoday Small Finance Bank is offering between 6.25-7.25%.

The bank has 469 service centres spread across 24 states in the country at the end of December quarter.

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