Tag Suryoday Small Finance Bank

Mumbai, 17th September 2024: Suryoday Small Finance Bank (SSFB), a leading new-age digital bank in India, marked its presence in the country’s pink city by opening its first retail banking branch in the state. This marks SSFB’s 120th retail banking branch across India, adding to the fleet of 723rd banking touchpoints. The strategic expansion marks a significant milestone for the bank as it continues to expand its footprint in the northern part of the country. Jaipur, known for its Tourism, trade & commerce, and local handicraft industries, offers a potential market for SSFB to serve the growing needs of the economically vibrant city. The new branch was inaugurated by the MD & CEO of SSFB, Baskar Babu Ramachandran, along with Rajendra Setia – MD & CEO of SK Finance Ltd, in the presence of other eminent BFSI personalities, including Mohit Sahney, MD & CEO- Finova Capital Pvt Ltd, and Varun Kogta, ED & CFO from Kogta Financial India Limited.

Situated in the center of the ‘Pink City’ Jaipur – Ashok Marg, an important hub for trade and commerce, the new branch will have a dedicated focus on priority sectors and retail segments of micro and small enterprises along with senior citizens, offering diversified product offerings ranging from savings accounts, current accounts, fixed deposits, mortgage loans, two-wheeler loans, commercial vehicle loans, etc. Notably, SSFB offers one of the highest interest rates for term deposits, up to 9.10% p.a., among its peers.

Speaking on the auspicious occasion, Mr. Baskar Babu Ramachandran, MD & CEO Of Suryoday SFB, said, “At SSFB, we are pleased to open our very first retail banking branch in the state, and it signifies our commitment to expand the footprint in northern India. We remain dedicated to investing in our branches, people, and technology to serve the economy better.

He further added, “The strong economy of the capital city provides a significant market with a high potential for credit and deposits. With our unwavering commitment to offer exceptional customer service, we are dedicated to making each customer feel valued and important, which reflects the philosophy of the bank and also enables us to cater to the region’s growing financial needs.”

In a recent analysis done by Colliers, Jaipur was featured among 100 cities with humongous growth potential in the next 5-6 years, driven by factors such as a growing population, increasing GDP per capita, rising propensity for online purchases, and growing adoption of digital payments.

Earlier this year, with the customer base reaching nearly 30 lakhs as of June 2024, SSFB extended its footprints in NCR by opening banking branches across prime locations in Delhi and Gurgaon. With a customer-centric approach to digital banking and an aim to provide digital innovation, the bank has been at the forefront of partnering with new-age fintech companies, including Paynearby, Blostem, Mobikwik, and Tarrakki, among others, to offer digital fixed deposits. The bank’s growing network is supported by a dedicated team of 8000+ employees across 15 States & UTs.

Wednesday, 31 July 2024: Suryoday Small Finance Bank (SSFB), one of the leading new-age digital banks in India, announced the expansion of its presence in the Delhi-NCR region with the launch of four new branches. The four new branches are in Rajouri Garden, Preet Vihar, Janakpuri, and Gurgaon Sector 14. With these branches, SSFB now has 60 employees across six different locations in the Delhi-NCR Region.

This expansion strengthens SSFB’s footprint in the country’s capital, a region which contributes significantly to the overall banking business with the deposits and advances of this region. SSFB is well-positioned to tap into this potential market and expand its customer base.

The Bank is dedicated to being a Phygital-driven, rural, and semi-urban bank, with a strong focus on priority sectors and retail segments of micro and small enterprises. SSFB’s pan-India branch network now stands at 675+ branches, reiterating its commitment to provide accessible and convenient banking services to its customers, regardless of their location.

The Bank has been focusing on expanding its physical presence in key markets, particularly in urban areas, to reach a broader customer base and offer its products and services to a larger population segment.

Speaking on the occasion, Mr. R. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said, “The launch of our four new branches in the Delhi-NCR Region signifies our commitment to expanding our footprint and making quality banking services available to more customers. We aim to contribute to the development of these markets and establish a strong presence in the region. The Bank has steadily grown its footprint across the Delhi National Capital Region. We are confident that these new branches will cater to the growing needs of our customers. With the expansion of our branches, we are excited to offer our differentiated services to more customers in the capital of India.”

He further added, “At SSFB, our core objective is to make banking seamless. We take pride in being a customer-centric organization. Our robust financial performance, coupled with our unwavering commitment to exceptional customer service, positions SSFB for continued growth and a significant role in shaping India’s financial landscape.”

The Bank is committed to providing affordable and accessible financial services to the people of Delhi-NCR and surrounding areas. The Bank will focus on individual retail customers, retail businesses, and senior citizens, offering diversified product offerings such as savings accounts, current accounts, fixed deposits, home loans, two-wheeler loans, commercial vehicle loans, etc.

SSFB has witnessed growth in all performance parameters on a YoY basis, with retail deposits of Rs 8,137 crore in Q1FY25. The Bank also became the first in the small finance category to introduce all-exclusive women-managed branches—Suryoday Roshni. These branches are exclusively managed by Women staff to address and fulfil the financial needs of the Bank’s customers, with a special focus on women clientele. At present, the Suryoday Roshni has a presence across six locations, including Govandi (Mumbai) and K.R. Pete & Ram Mandir (Karnataka), Konisi (Ganjam district in Odisha), Vallioor, and Ganapathy (Tamil Nadu), with more than 50 highly trained staff.