Ujjivan Small Finance Bank targets Rs 2500 cr deposits

Ujjivan Small Finance Bank (SFB), which started operations two months ago, is looking at a deposit base of Rs 2500 crore in the current financial year as it expands its banking footprint across the country.
"We target to mobilise a deposit base equal to one-third of our portfolio which is around Rs 2500 crore in the current financial year," MD and CEO of Ujjivan SFB Samit Ghosh told reporters here today.
Ghosh said the SFB was adequately capitalised at the moment with a capital base of Rs 1600 crore sufficient for three years, adding it might require Tier 2 capital if needed.

With the view to serve the unbanked and under-banked areas, Ujjivan SFB planned to open 30 branches within a short span, Ghosh said.
"End March 2017, the total number of branches was 25", he said.
By end-March 2018, the number of branches planned was 171, he said.

The SFB opened five branches in the city today.
Ujjivan Financial Services, which holds 100 per cent shares in the SFB, would gradually transform its operations from micro-finance to banking like accepting deposits from the public.
In the last fiscal, Ujjivan clocked a net profit of Rs 217 crore, he said.