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Ujjivan Small Finance Bank has obtained RBI approval to offer foreign exchange services.

Banking & Finance | Dated: 26 Oct 2024

Ujjivan Small Finance Bank Limited (Ujjivan SFB), based in Bangalore (Karnataka), has received approval from the Reserve Bank of India (RBI) to provide foreign exchange services. This approval allows the bank to offer a variety of foreign exchange (forex) products and services.

🎯 Key Highlights:

- Ujjivan SFB has been granted an "Authorized Dealer Category 1" license under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999. This license enables the bank to provide a broader range of foreign exchange services and transactions.

💡 Other Important Facts:

In retail banking, Ujjivan Small Finance Bank (SFB) will offer a range of remittance services, including Foreign Currency Non-Resident (FCNR) deposits, Resident Foreign Currency (RFC) deposits, forex cards, currency exchange, and capital transactions. Capital transactions will encompass services like External Commercial Borrowings (ECB), Overseas Direct Investment (ODI), and Foreign Direct Investment (FDI).

📚 Test Your Knowledge:

Which regulatory body approved Ujjivan Small Finance Bank to offer foreign exchange services?

Correct Answer: RBI

🚀 Quick Recap:

About Ujjivan Small Finance Bank

CEO : Sanjeev Nautiyal
Headquarters : Bangalore