Suryoday small finance bank to open 90 branches in the country

Navi Mumbai-based Suryoday Small Finance Bank plans to open 90 branches in different parts of the country for providing banking services.

Suryoday Small Finance Bank Limited commenced its operations as a small finance bank from January 23, 2017. The Reserve Bank had issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

It was one of the 10 applicants which were issued in-principle approval for setting up a small finance bank.

"Out of 90 branches, we have so far opened 19. By the next financial year we will be completing opening of 90 branches and converting 37 micro finance branches to banking outlets", said Pawan Tandon, Head (Branch Banking) of the Small Finance Bank. Pawan was in the city to inaugurate bank's first branch in Odisha. Incidentally, Suryodaya is the first small finance bank to start its services in the state.

In the past ten months, it has set up branches in Mumbai, Pune, Ahmedabad, Indore , Chennai, Tirchy, Coimbatore and Puducherry.

In Odisha, the bank has approval for opening of another 16 new banking outlets in next one year. In addition, it will be converting all its 37 micro-finance branches across Odisha into the banking branches in the next one year.

Suryoday Micro Finance Private Limited launched its operations in May 2009 and since spread its operation across seven states. At present, it has 7.8 lakh borrowed customer bases with Rs 1,275 crore gross loan portfolio. It also plans to converts all its 217 micro finance door step centres to bank branches.

"At Suryoday, we are committed to inclusive banking and our focus will be on customer experience whether it is digital space or in the branch banking space. Initial emphasis on retail customers would include our existing micro finance customers", said Tandon.