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Ujjivan Small Finance Bank commences ops

The Reserve Bank of India said that Ujjivan Small Finance Bank Ltd. started operations on Feb. 1, according to a release the same day.

Ujjivan Financial Services Ltd. said Jan. 31 said that the central bank also approved the appointment of Samit Ghosh as managing director and CEO of Ujjivan Small Finance Bank, as well as the appointment of Sunil Vinayak Patel as part-time chairman.

In addition, the central bank approved the board of Ujjivan Small Finance Bank, which includes Nandlal Sarda, Biswamohan Mahapatra, Prabal Sen and Luis Miranda as independent directors, as well as Vandana Viswanathan and Anadi Charan Shau as nonexecutive directors.

Ujjivan Financial is the fifth entity to start a small finance bank in India. The bank is currently running a pilot program at five existing branches, which will be converted into small finance bank branches, Mint reported Feb. 1, citing Ghosh. The lender will open to the public on Feb. 6, Ghosh said.