Utkarsh Small Finance Bank Limited, headquartered in Varanasi, Uttar Pradesh, commenced operations as an SFB on January 23, 2017, after transitioning from its initial focus as a microfinance provider through its promoter, Utkarsh CoreInvest Limited. With RBI's final approval in November 2016, the bank has expanded its services beyond microfinance to include savings accounts, deposit products, and diverse loan offerings, such as joint liability, retail, and wholesale loans. The bank's operations are primarily concentrated in Uttar Pradesh, Bihar, and Jharkhand, contributing to 67.91% of its Gross Loan Portfolio as of March 31, 2022.
Operating across 22 states and union territories with 686 banking outlets and a network of ATMs, Utkarsh Small Finance Bank offers a comprehensive range of asset products, including micro banking and housing loans, as well as various deposit accounts and non-credit services like debit cards and mutual fund distribution. The bank plans to raise Rs. 500 crore through an equity public issue to further strengthen its financial base.
