Utkarsh Small Finance Bank Limited (USFBL), announced the inauguration of its branch in Baguiati in Bidhannagar Municipal Corporation of North 24 Parganas district. The banking outlet was inaugurated by Mr. Somnath Sen Gupta – a veteran banker and Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank. The bank has inaugurated 7 banking outlets across the states of Bihar, Haryana, Uttar Pradesh, and West Bengal today. With this, the Bank has reached 711 branches in the country spread across 22 states and union territories.he launch of this banking outlet in Baguiati is aligned with the Bank’s strategy to extend its reach to offer various financial services. This includes wholesale lending, micro banking loans (JLG loans), MSME loans, housing loans, loan against property, commercial vehicles and construction equipment loans and gold loans along with current and savings accounts, fixed and recurring deposits, insurance and investment products to its customers.With its branch infrastructure, digital banking capabilities and ATM network, the Bank offers integrated customer service.
Mr. Somnath Sen Gupta, a veteran Banker, who has earlier been on the board of Utkrash Small Finance Bank said, “It gives me immense pleasure to inaugurate this banking outlet at Baguiati. I have been following Utkarsh Small Finance Bank closely and it is heartening to see the Bank grow from strength to strength. This banking outlet is of particular significance for me personally as it reinforces the commitment by the Bank to deepen its presence to enable financial independence for underserved and unserved community across the nation”.Speaking on the inauguration, Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank, said, ’’The state of West Bengal figures high in our focus of expansion and we are pleased to expand our footprint by launching a new banking outlet at Baguiati. With this we have now opened our doors to the citizens of this locality to experience the best of banking services and products. Our products and services are designed to cater to the needs of the community”.
The banking outlet will provide micro-banking loans for business development services to the underprivileged or low-income individuals or groups who have limited access to financial services. In an attempt to ease the burden of repayment of earlier loans, USFBL brings the Joint Liability Group (JLG) model of group lending along with the launch of these banking outlets. The JLG model of group lending involves peer-guarantee loan model, which enables individuals to take loans without having to provide collateral or security on an individual basis, while promoting credit discipline through mutual support within the group, prudent financial conduct among the group, and prompt repayment of their loansCustomers can now access banking services through multiple channels including banking outlets, ATM, internet banking, mobile banking, tab banking and call centre. As the Bank expands into newer markets and geographies, it continues to widen its customer base. The Bank provides facility to customers for opening a bank account without having to visit the branch through the tab-based application assisted model, “Digi On-Boarding”.