Ujjivan board okays move to universal banking plan, bank to apply for licence soon
Ujjivan Small Finance Bank has said it would shortly apply to the Reserve Bank of India for a transition to a universal bank. The Ujjivan board approved the plan Thursday.
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This is in sync with what managing director Sanjeev Nautiyal told ET in November last year that the bank would submit the application by the end of FY25.
This would make Ujjivan the second small finance bank after AU to do so.
After the transition, if RBI approves, their capital adequacy requirement would come down from 15% while the priority sector lending target would be lower at 40% instead of 75%. Then the norm of having at least 50% of loan portfolio in loans less than Rs 25 lakh would go.
Ujjivan, meanwhile, reported a 64% year-on-year drop in third quarter net profit at Rs 109 crore, owing to higher provisions to cover bad loans amid stress in the microfinance sector.
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