5 Ways These Banks Will Bring A Change In India


sdBENGALURU: Small finance and payments banks have been set up to regulate objective of deepening financial inclusion. RBI has now granted 23 banking licenses to new players out of which two were given universal banking licenses in April 2, 2014, were 11 has been issued to payment banks licences in August 19, 2015, according to rediff.com.

Small Finance Banks:

Ujjivan Financial Services (Bengaluru):

Ujjivan Financial Services is a NBFC-MFI, Private Limited Company, which was established in 2005, with a goal to provide a holistic range of services to poor working women in urban and semi-urban areas to enable them to be free of poverty. Small Finance Banks mainly focus to increase its footprint across the country, therefore, Ujjivan is looking forward to getting a small finance bank license.

The purpose of the license will also serve to reach out to the unbanked population in the urban, semi-urban and rural areas across India.

Janalakshmi Financial Services (Bengaluru):

Janalakshmi Financial Services is a financial institution servicing the microfinance needs of Urban India, with a market-oriented focus. It was founded by Ramesh Ramanathan and Janalakshmi commenced its microfinance operations in July 2006 by absorbing the Sanghamithra Urban Programme. Indian urban micro-credit experiences are limited to a few institutions, owing to an overall lack of focus on these markets along with the complexity of operating in an urban environment.

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