Ujjivan Small Finance Bank Seeks Universal Banking License from RBI

Ujjivan Small Finance Bank Limited has received approval from its Board to apply for a Universal Banking License from the Reserve Bank of India (RBI). The decision was made in a Board meeting held on January 23, 2025, in accordance with RBI Guidelines for 'on tap' Licensing of Universal Banks in the Private Sector dated August 01, 2016, and the RBI circular on Voluntary transition of Small Finance Banks to Universal Banks dated April 26, 2024. The bank will notify the exchanges when a formal application is submitted to the RBI.