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Ujjivan Small Finance Bank partners with NIRA to provide Personal Loans

Posted On: 2021-04-14 01:01:17 (Time Zone: Arizona, USA)


Ujjivan Small Finance Bank today announced its collaboration with fintech NIRA as part of its strategy of leveraging its API Banking platform for fintech partnerships. This is Ujjivan Small Finance Bank's first Digital Lending partnership with many more on the way. Through this partnership, salaried customers can apply for a Personal Loan by using the NIRA app which is available in the play store.

NIRA is a Bangalore based fintech that helps to fund the salaried class, starting at incomes as low as Rs. 15,000 per month. This partnership will help Ujjivan SFB to on-board customers for Personal Loans.

Commenting on the development, Mr Dheemant Thacker, Head - Digital Banking, Ujjivan Small Finance Bank said, "A robust API Banking framework to enable fintech partnerships such as NIRA is at the core of our digital strategy and helps augment our digital expansion. Collaboration with fintechs like NIRA plays a vital role in the financial ecosystem, especially to serve the mass market. Such partnerships will help us to reach out to more customers with better products and offerings with ease and convenience."

Manish Kumar Raj, Business Head - Personal Loan, Ujjivan Small Finance Bank said, "We have been actively pursuing this partnership and many others in our quest to serve every segment of customers. NIRA with their very diversified approach gave us this opportunity and we hope this will be a successful collaboration."

Rohit Sen, CEO and cofounder at NIRA said "After navigating the COVID crises extremely well, we're now refocusing on our mission to bring credit access to the urban mass market in India. We've developed strong expertise in credit scoring and collecting from this group, and in collaboration with banks such as Ujjivan SFB, we can deliver the right product in a timely manner to this segment."

Ujjivan SFB has remained focussed on serving the unserved and underserved as far as banking and financial services are concerned. The Bank selects fintechs for partnership which identify and solve specific needs of this segment at large. The bank also has an extensive set of APIs for faster integration with fintechs and start-ups.

Shares of Ujjivan Small Finance Bank Ltd was last trading in BSE at Rs. 29.85 as compared to the previous close of Rs. 29.10. The total number of shares traded during the day was 1,08,258 and the deliverable quantity was 46,414 shares.

The stock hit an intraday high of Rs. 29.95 and intraday low of Rs. 29.10.


Source: Equity Bulls

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