Bank Licence
Ujjivan Small Fin Bank submits application to RBI for universal bank licence
This story was originally published at 13:56 IST on 4 February 2025
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--Ujjivan Small Fin Bk submits application for universal bank licence to RBI
MUMBAI – Ujjivan Small Finance Bank on Tuesday submitted an application to the Reserve Bank of India for a universal bank licence, it informed exchanges. The board had approved its application to transition to a universal bank on Jan. 23 and Managing Director and Chief Executive Officer Sanjeev Nautiyal had then said in a press release that it would move the application to the central bank in the current quarter.
The small finance bank posted a net profit of INR 1.09 billion for the December quarter, down 63.8% on year. The net interest income rose 3.1% on year to INR 8.87 billion. The lender's gross non-performing asset ratio was 2.68% and the net non-performing asset ratio was 0.56% during the December quarter.
In September, AU Small Finance Bank had submitted its application to the regulator for a universal bank licence. The response from the regulator is still awaited.
RBI had notified norms for voluntary transition of small finance banks to universal banks in April. Small finance banks should have a scheduled status with a satisfactory track record of performance for a minimum period of five years, the central bank said. The guidelines also mandate small finance banks to have gross and net non-performing asset ratios below 3% and 1%, respectively, for the two previous financial years.
At 1318 IST, shares of Ujjivan Small Finance Bank were down nearly 1% at INR 37.21 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Christina Titus
Edited by Avishek Dutta
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