Ujjivan Small Finance Bank has received a significant boost in its service offerings by securing an Authorised Dealer Category 1 (AD 1) licence from the Reserve Bank of India (RBI). This approval enables the bank to provide a comprehensive range of foreign exchange products and services, marking a pivotal expansion in its operational capabilities.
With the AD 1 licence, Ujjivan can now facilitate various Forex transactions, including buying, selling, and borrowing in foreign currencies. The bank plans to offer diverse Forex services under retail banking, MSME/trade finance, and treasury operations. Retail customers will benefit from services such as remittances, FCNR/RFC deposits, Forex cards, and capital-based transactions. Furthermore, the bank will engage in international trade activities, including EEFC accounts, export-import financing, and trade receivable discounting.
In Kolkata, this licence positions Ujjivan will cater to the increasing demand for Forex services in the region, supporting local businesses in their international dealings. “We are delighted to receive this licence, as it empowers us to simplify cross-border transactions and remittances,” said Mr. Sanjeev Nautiyal, Managing Director and CEO of Ujjivan SFB, highlighting the bank’s commitment to evolving customer needs.
