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Tag: Ujjivan Small Finance Bank

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Ujjivan Small Finance Bank Ties-up with Veefin Solutions Ltd to Offer Better Supply Chain Finance Offerings to MSMEs

Apr 1, 2024 by Gayathri Pariti 0 Comments #BengaluruMr. Raja Debnath, #Mr. Ittira Davis, #Ujjivan Small Finance Bank

Bengaluru, Karnataka, India

Ujjivan Small Finance Bank (Ujjivan SFB) enters into a strategic partnership with Veefin Solutions, a leading Supply Chain Finance (SCF) solutions provider, to offer robust supply chain finance offerings, to meet the working capital needs for MSMEs.

Through this partnership, Ujjivan SFB will leverage Veefin’s platform that offers end-to-end solutions on supply chain financing. This includes supplier and vendor onboarding, credit underwriting through Loan Origination Solution (LOS), transaction management via Loan Management Solution (LMS), and collections handled through a Delinquency Management solution. These components will be further complemented by comprehensive analysis facilitated by Veefin’s Reporting & Business Intelligence solution.

A 2019 report on the MSME Sector by an RBI Committee estimated the overall Credit gap in the sector at Rs 20-25 lakh crore##. According to another industry report, out of over 64 million MSMEs in India, only 14 per cent have access to credit^^. The number of MSMEs in the country is expected to grow from 6.3 crore to approximately 7.5 crore in the coming years, growing at a projected CAGR of 2.5 %**.

Recognizing the pivotal role of technology to address this Credit gap, the partnership with Veefin aligns with Ujjivan SFB’s objective of extending financial solutions to the MSMEs across the nation. This initiative will facilitate Ujjivan SFB to provide working capital loans to MSMEs via supply chain financing, effectively addressing the gaps left by traditional model.

Mr. Ittira Davis, MD & CEO at Ujjivan Small Finance Bank, said, “We are happy to partner with Veefin Solutions, which will enable us to further enhance the credit accessibility needs of the MSMEs, thereby strengthening our digital MSME offerings. This association will help us build on the operational efficiency, thereby empowering more MSMEs to charter their growth path.”

Mr. Raja Debnath, Managing Director of Veefin Solutions Ltd, said, “We are delighted to welcome Ujjivan Small Finance Bank to our ever-growing clientele who have embarked on their SCF journey with Veefin. Financial institutions like Ujjivan SFB play a pivotal role in expanding the SCF ecosystem, reaching out to unserved and underserved customers nationwide. Together, we are poised not only to broaden the SCF landscape but also to drive inclusive growth, reaching even the most marginalized segments of our economy.”

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Ujjivan SFB achieves 50,000 vaccinations amongst low-income urban, remote rural communities, aims 100,000 vaccinations by March 2022

Jan 26, 2022 by Gouri 0 Comments #Davis, #Ittira Davis, #Ujjivan SFB, #Ujjivan Small Finance Bank

New Delhi, January 25, 2022: Ujjivan Small Finance Bank today announced that it had achieved the landmark of 50,000 vaccinations amongst the low-income population residing in urban, semi-urban and remote rural geography in just less than 5 months, organizing vaccination camps for the general public coming within the purview of the Bank’s Operational areas and those in the vicinity across 434 branches in 18 states and union territory of Puducherry. The bank now aims to achieve another 50,000 vaccinations within these lower-income groups, including those residing in remotest locations to achieve overall 100,000 vaccinations by March 31, 2022.

Ujjivan SFB has attributed the success in achieving landmark vaccination to its own employees who contributed to creating awareness about the importance of vaccination and in persuading the bottom of the pyramid low-income group people to get vaccinated. About 30 per cent of those vaccinated were getting inoculated for the first time, and the remaining large segment of 70 per cent, completed double vaccination.

The Bank also announced its contribution of INR 10,00,000 to the Prime Minister’s Relief Fund, which is channelizing efforts to help eradicate the virus that had spread the pandemic across the country.

Following the Government of India’s directions on mandated vaccine guidelines, the staff of Ujjivan SFB branches collaborated with local hospitals and community centres to create vaccine confidence, through trusted partnerships with healthcare facilities, emphasising the importance of vaccination and getting themselves protected from the threat of the dreaded global pandemic.

Speaking on the initiative and achievement of 58,000 vaccinations amongst the low-income group in about 5 months, Mr. Ittira Davis, MD&CEO, Ujjivan Small Finance Bank, said, “At Ujjivan SFB, we are committed to ensuring the welfare of our employees, customers and the community. With active involvement of our employees, support from our partners and medical fraternity, we have tried to overcome the barriers against vaccination, and got individuals living in remote rural areas to get vaccinated.”

“Enthused by the success, we now have set a target of achieving another 50,000 vaccinations in double quick time to achieve overall 100,000 vaccinations by March 2022 amongst the low-income fraternity within our society, Mr. Davis added.

Ujjivan SFB has successfully transformed itself into one of the leading mass-market banks to serve the vast unserved and under-served customer base outside the formal banking system. Ujjivan SFB started its banking operations in February 2017. With 575 branches, Ujjivan SFB has established its presence across 24 States and Union Territories.