Tech focus on Mass Market Retail Banking
Ujjivan Small Finance Bank Limited expects the mass market to show resilience and recover strongly from the coronavirus pandemic that led to massive closure of the Indian economy.
“Economic package announced by Government would also boost recovery and open various opportunities,” said Ujjivan in its latest report for the year ended 31 Mar 2020 on 19 May 2020.
“We remain focused on building a technology led Mass Market Retail Bank with focus on differentiated digital and service experience and financial inclusion covering under-served and unserved,” it said.
“We took a holistic approach towards our responsibility to all stakeholders including employees, customers, investors, regulators, society and others.
“While on one hand, we had to take several safety precautions to protect our employees, customers and other stakeholders, on the other hand the situation gave us an opportunity to fast-track many of our strategic initiatives,” said Ujjivan.
Business remains on strong fundamentals with high capital adequacy and liquidity, strong credit quality and improved processes/ efficiencies, assured the bank.
Ujjivan MD & COE Nitin Chugh said “Gross advances grew 28% YoY to Rs.14,153 crore, deposit franchise continued to grow stronger with granular and stable retail focused base.
Net profit for FY20 stood at Rs.350 crore, up 76% YoY.
Ujjivan is a small finance bank licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.
Ujjivan Small Finance Bank serves over 52.5 lakh customers through 575 branches and 17,841 employees spread across 244 districts and 24 states and union territories in India. fiinews.com
