Unity Small Finance Bank Launched on November 1, 2021, with a formidable capital injection of Rs 1,100 crores. This visionary institution boasts the backing of respected entities. It is a joint venture between Centrum and Resilient Innovations Private Ltd. and Bharatpe. The bank has embarked on a remarkable journey towards digital-first and customer-centric banking by harnessing the power of Fintech collaborations. The Unity Small Finance Bank Headquarters is located at 40, Basant Lok, Vasant Vihar New Delhi Delhi New Delhi DL 110057.
In this endeavor, the bank has established a groundbreaking initiative known as the Digital Hub for Fintech Partnerships. This strategic move underscores USFB’s commitment to leveraging Fintech innovation. It also enhances its offerings, streamlines operations, and sets new benchmarks in the financial industry.
Here, we delve into how Unity Bank is in the process of deploying Banking as a Service (BaaS) and Marketplace Banking through this innovative approach. The bank has also introduced enhancements to its savings account interest rates that benefit high-net-worth individuals and institutional clients.
A Roadmap for Next-Generation Banking
The Digital Hub serves as the engine driving Unity Small Finance Bank’s digital capabilities. It not only provides the means for Fintech partnerships but also sets the stage for a future-ready digital banking experience. This strategic approach helps USFB identify opportunities and gaps in its current digital efforts, envision a target state, and chart a course for a next-generation digital roadmap rooted in Fintech collaborations.
Unity Small Finance Bank is a scheduled commercial bank in India that primarily focuses on micro-banking and financial inclusion of underbanked and unbanked sections of society. It was established in 2009 as Unity Microfinance Limited and later became a small finance bank in 2017.
The bank offers various financial products and services such as savings accounts, current accounts, fixed deposits, recurring deposits, loans, and insurance. Unity Small Finance Bank has a pan-India presence with over 500 branches and customer touchpoints. The bank’s mission is to provide access to affordable and convenient financial services to the economically weaker sections of society. The bank helps them achieve their financial goals.
Important Information
Unity Small Finance Bank Limited is an unlisted public company incorporated on 25 August 2021. The bank is classified as a public limited company and is located in New Delhi. Its authorized share capital is INR 4,000.00 Cr and the total paid-up capital is INR 2,953.40 Cr.
The bank is classified as a non-govt company while registered at the Registrar of Companies, Delhi. As the bank cited, they are a “truly digital bank,” which means one can easily open or operate their Savings, Loan, or Current accounts digitally. It must be noted that the branches of Unity Small Finance Bank are situated in different states of India.
End Notes!
Unity Small Finance Bank’s eschewing traditional banking in favor of a digital-first approach, powered by strategic Fintech collaborations, demonstrates its commitment to innovation and customer focus. The Small Finance Banks and the Payments Banks in India are both licensed under the Reserve Bank of India. All their guidelines and functioning are monitored by the central bank of the country. Small finance banks are financial institutions that provide financial services to the country’s unserved, underserved, and unbanked areas of the country.
