Ujjivan Small Finance Bank has been granted an Authorised Dealer Category 1 (AD 1) licence by the Reserve Bank of India (RBI), enabling the bank to provide a full suite of foreign exchange products and services. This significant development allows Ujjivan to facilitate a wide range of Forex transactions, including buying, selling, and borrowing in foreign currencies.
With the new licence, Ujjivan will enhance its offerings across retail banking, MSME/trade finance, and treasury services. Customers can expect a variety of Forex-related services, including remittances, FCNR/RFC deposits, Forex cards, and capital-based transactions such as ECB, ODI, and FDI. The bank will also engage in international trade activities, providing solutions like EEFC accounts, export-import financing, and trade receivable discounting.
In Kolkata, this move is expected to cater to the growing demand for foreign exchange services, particularly among local businesses seeking to expand their international operations. “This licence empowers us to meet the evolving needs of our diverse customer base,” stated Mr. Sanjeev Nautiyal, Managing Director and CEO of Ujjivan SFB, emphasizing the bank’s commitment to facilitating seamless cross-border transactions and remittances.
