Utkarsh Small Finance Bank Limited (USFBL or the Bank), has announced the launch of 25 branches coinciding with its 6th Anniversary Celebrations. With this, the Bank offers its financial services through a network of 819 banking outlets in the country spread across 25 states and union territories.
The launch of these banking outlets in the country is aligned with the Bank's strategy to extend its reach and thereby offer an entire gamut of financial services to customers in new and existing geographies. This includes savings & current accounts, fixed & recurring deposits, loans, credit, insurance products and investment products to customers across the Bank's network.
USFBL provides micro-banking loans for business development services to the underprivileged or low-income individuals or groups who have limited access to financial service through Joint Liability Group (JLG) model of group lending. The JLG model of group lending involves peer-guarantee loan model, which enables individuals to take loans without having to provide collateral or security on an individual basis.
The Bank, in addition, offers wholesale lending, micro, small and medium enterprises ("MSME") loans, housing loans, loan against property, commercial vehicles and construction equipment loans and gold loans products to its customers.
Speaking on the occasion, Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank Limited, said, "It is a momentous day for Utkarsh Small Finance Bank Limited as we expand our footprint across the country today with 25 banking outlets. The inauguration of these branches is important to us, as we expand our presence in the Country. This will significantly improve the access to financial products by the residents and entrepreneurs of the respective regions that the Bank has to offer".
The customers of the Bank can access banking services through multiple channels such as the branches, 24*7 ATMs, Internet banking, Mobile banking, Unified Payment Interface (UPI) and Call Centre. In addition, the Bank provides facility to customers for opening a bank account without having to visit the branch through the tablet-based application assisted model, "Digi On-Boarding".