Launches 9 Banking outlets, taking the count to 702 branches, across the Country
by Suman Gupta
Ulhasnagar, 2022-: Utkarsh Small Finance Bank Limited (“Utkarsh SFBL” or the “Bank”), today announced the inauguration of its Ulhasnagar branch in Thane district- Maharashtra. The bank inaugurated 9 banking outlets in all bringing the total branches to 702 branches across the country. The 700th branch was inaugurated by Mr .Govind Singh, MD & CEO Utkarsh Small Finance Bank. . With this, the Bank has reached 702 branches in 225 districts in the country spread across 22 states and union territories.
The launch of this branch in Ulhasnagar is aligned with the Bank’s strategy to extend its reach to offer various financial services. This includes wholesale lending, micro banking loans (JLG loans), MSME loans, housing loans, loan against property, commercial vehicle loans, commercial vehicles and construction equipment loans and gold loans along with current and savings accounts, fixed and recurring deposits, insurance and investment products to its customers.
Speaking on the occasion, Mr Parveen Kumar Gupta, Chairman, Utkarsh SFBL, said, “It is indeed a milestone for the Bank to have inaugurated its 700th branching outlet in Ulhasnagar – the entrepreneurial hub of Thane district. The existence of our Branch will help pivot the financial requirements of the traders and entrepreneurs in this location which is known for its well-knit business community, that has been burgeoning over the years. We look forward to serve the community as well as the residential neighborhood with our services and products”.
Speaking on the inauguration, Mr. Govind Singh, MD & CEO, Utkarsh SFBL, said, “It’s a milestone for Utkarsh Small Finance Bank to have opened its 700th branch. Maharashtra serves as a business and financial hub on various counts and it gives us immense pleasure to expand our footprint and inaugurate a milestone 700th branch in this state. Ulhasnagar has been a hub of entrepreneurs that has significantly contributed towards the growth of trade and commerce. We are in a position to provide banking and financial services to these entrepreneurs. Our products and services are designed to cater to the needs of the general public across strata in Ulhasnagar”.
“The inauguration of the branch significantly improves the access to financial products that the Bank has to offer for the residents of Ulhasnagar. We look forward to expanding our presence in the city”, he added
Customers can now access banking services through multiple channels including banking outlets, ATM, internet banking, mobile banking, tab banking and call centre. As the Bank expands into newer markets and geographies, it continues to widen its customer base. The Bank provides facility to customers for opening a bank account without having to visit the branch through the tab-based application assisted model, “Digi On-Boarding”.
About Utkarsh Small Finance Bank Limited : Utkarsh Small Finance Bank Limited (USFBL), incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing microfinance to the underserved and unserved sections of the country. The Bank’s lending activities are primarily focused in rural and semi-urban locations of the country while its other services are spread across the country. The Bank commenced its operations on January 23, 2017 pursuant to the small finance banking license granted by RBI on November 25, 2016.
The Bank extends microfinance loans based on Joint Liability Group (JLG) model to individuals, other retail asset loans including Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Personal Loans, Commercial Vehicle Loans, Construction Equipment Loans and Wholesale Lending to borrowers.
The Bank offers a slew of digital services such as internet and mobile banking, Digi On-Boarding, UPI and an online account opening facility for clients, besides a range of ATMs and Micro ATMs for ease of transactions, amongst others. The Bank is headquartered at Varanasi, Uttar Pradesh.
Utkarsh Small Finance Bank Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus dated July 29, 2022 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at http://www.sebi.gov.in as well as on the websites of the book running lead managers, ICICI Securities Limitedand Kotak Mahindra Capital Company Limited, at http://www.icicisecurities.comand http://www.investmentbank.kotak.comrespectively, and the websites of the stock exchange(s) at http://www.nseindia.com and http://www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the red herring prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold outside the United States in ‘offshore transactions’ in reliance on Regulation S under the Securities Act and in compliance with the applicable laws of the jurisdictions where those offers and sales are made.
