Ujjivan Small Finance Bank has announced a significant milestone in its growth trajectory by receiving an Authorised Dealer Category 1 (AD 1) licence from the Reserve Bank of India (RBI). This new approval enables the bank to offer a comprehensive suite of foreign exchange products and services, enhancing its capabilities in the forex market.
The AD 1 licence allows Ujjivan to facilitate a wide range of forex transactions, including buying, selling, and borrowing in foreign currencies. The bank’s offerings will encompass retail banking, MSME/trade finance, and treasury operations, featuring services such as remittances, FCNR/RFC deposits, Forex cards, and capital-based transactions like ECB and FDI. Additionally, Ujjivan will support international trade activities, including EEFC accounts and export-import financing.
In Kolkata, this expansion comes at a crucial time as local businesses increasingly seek access to foreign exchange services to enhance their global trade operations. “This licence empowers us to meet the evolving needs of our diverse customer base,” remarked Mr. Sanjeev Nautiyal, Managing Director and CEO of Ujjivan SFB, highlighting the bank’s commitment to facilitating smooth cross-border transactions and remittances.
