Ujjivan Small Finance Bank (USFB) has secured an important milestone, receiving the Reserve Bank of India’s (RBI) approval for an Authorised Dealer Category 1 Licence. The licence, granted under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999, will allow the bank to engage in a broader range of foreign exchange services and transactions. This approval came through an official RBI letter dated September 30, 2024, which the bank received today.
The Authorised Dealer Category 1 Licence enables USFB to facilitate various foreign exchange operations such as remittances, international banking services, and foreign currency transactions for customers. This move is expected to significantly strengthen the bank’s ability to cater to the needs of its customers in the realm of international trade and remittances.
USFB emphasized that the licence is subject to any conditions the RBI may impose from time to time, but it marks a major step forward in expanding the bank’s service offerings. The announcement is also available on the bank’s website for public reference.
