Ujjivan Small Finance Bank has embarked on an exciting journey of growth by securing an Authorised Dealer Category 1 (AD 1) licence from the Reserve Bank of India (RBI). This pivotal development allows the bank to roll out a diverse range of foreign exchange products and services, a move poised to reshape its offerings in the financial sector.
With the new AD 1 licence, Ujjivan can now facilitate comprehensive forex transactions, enabling customers to buy, sell, and borrow in foreign currencies. The bank’s services will span across retail banking, MSME/trade finance, and treasury operations, introducing remittances, FCNR/RFC deposits, Forex cards, and capital-based transactions like External Commercial Borrowings (ECB) and Foreign Direct Investment (FDI). Additionally, Ujjivan aims to support international trade activities through Exchange Earners Foreign Currency accounts and export-import financing.
Focusing on Kolkata, this expansion is timely, addressing the rising demand for efficient foreign exchange services among local businesses. As firms seek to broaden their global footprint, Ujjivan’s new offerings are set to empower them with the necessary tools for seamless international transactions. “This licence strengthens our commitment to meeting the evolving needs of our diverse customer base,” said Mr. Sanjeev Nautiyal, Managing Director and CEO of Ujjivan SFB.
