Press Release (08 February, 2017)
Nobel Laureate Professor Muhammad Yunus inaugurates the Ujjivan Small Finance Bank in India, one of the ten Microfinance banks licensed by the central bank of india for the first time, in Bengaluru, India on February 6, 2017. PC: Yunus Centre
Nobel Laureate Prof Muhammad Yunus was the Chief Guest at the grand launch of Ujjivan Small Finance Bank (Ujjivan SFB) in Bengaluru, India on February 6, 2017. This new bank, which launched its five initial branches, aims to reach out to the larger unserved and underserved populace and provide them with easy-to-use and access banking services. Ujjivan Financial Services Ltd, one of the leading microfinance companies in India, began its journey in 2005 with support from Grameen Trust. Ujjivan has the largest pan-India presence of any microfinance company with through 469 branches with 44% year-on-year jump in gross loan book to Rs 6,588 crore at the end of December, last year. It has 3.6 million active small borrowers in 24 states. Ujjivan SFB is one of the first ten Microfinance banks licensed by the central bank of India. Professor Yunus had long been advocating for banking licences to MFIs in India which have established good record of performance. Central Bank of India has recently created a new category of bank following his suggestions. Ujjivan is one of the first MFIs which received the license.