
Ujjivan Small Finance Bank (SFB) has officially submitted its application to the Reserve Bank of India (RBI) for a Universal Banking License on February 4, 2025. This move comes after the bank’s Board approved the application during a meeting held on January 23, 2025. The application adheres to RBI’s guidelines for ‘on tap’ licensing of universal banks, as outlined in its circular dated August 1, 2016, and the circular on voluntary transition for small finance banks dated April 26, 2024.
The shift from a small finance bank to a universal bank, if approved, will allow Ujjivan SFB to expand its range of financial services and cater to a broader customer base. The bank highlighted that this transition aligns with its long-term strategic growth plans and is expected to enhance its operational framework.
The disclosure of this development was made under Regulation 30 of SEBI’s (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the detailed information can be accessed on the bank’s website.
Disclaimer: The information provided is for informational purposes only and should not be considered as financial or investment advice.