Kolkata, April 26 (IANS) Ujjivan Financial Services, which will be transformed into a small finance bank by March next year with around 190 bank branches, will not go for corporate lending, a top company official said on Tuesday.
“We will not go for corporate lending. Our idea would be to provide banking services to unserved and under-served,” said managing director and CEO Samit Ghosh said.
The Bengaluru-based microfinance company plans to convert itself into an small finance bank in the first quarter of 2017. Currently, it has 470 branches across the country. “To start with 40 percent of the existing branches will be converted to the bank branches initially,” Ghosh said.
The micro lender announced an Initial Public Offering which will open on April 28. Following the IPO, the company is eyeing to mop up Rs.1200 crore from the market.