Ujjivan Small Finance Bank partnerswith NIRA to provide Personal Loans

April 13 2021, Mumbai: Ujjivan Small Finance Bank today announced its collaboration withfintech NIRAas part of its strategy of leveraging its API Banking platform for fintech partnerships. This is Ujjivan Small Finance Bank’s first Digital Lending partnership with many more on the way. Through this partnership,salaried customerscan apply for a Personal Loan by using the NIRA app which is available in the play store.

NIRA is a Bangalore based fintech that helps to fund the salaried class, starting at incomes as low as Rs. 15,000 per month. This partnership will help Ujjivan SFB to on-board customers for Personal Loans.

Commenting on the development, Mr Dheemant Thacker,Head – Digital Banking, Ujjivan Small Finance Bank said, “A robust API Banking framework to enable fintech partnerships such as NIRA is at the core of our digital strategy and helps augment our digital expansion. Collaboration with fintechs like NIRA plays a vital role in the financial ecosystem, especially to serve the mass market. Such partnerships will help us to reach out to more customers with better products and offerings with ease and convenience.”

Manish Kumar Raj, Business Head – Personal Loan, Ujjivan Small Finance Bank said, “We have been actively pursuing this partnership and many others in our quest to serve every segment of customers. NIRA with their very diversified approach gave us this opportunity and we hope this will be a successful collaboration.”

Rohit Sen, CEO and cofounder at NIRA said “After navigating the COVID crises extremely well, we’re now refocusing on our mission to bring credit access to the urban mass market in India. We’ve developed strong expertise in credit scoring and collecting from this group, and in collaboration with banks such as Ujjivan SFB, we can deliver the right product in a timely manner to this segment.”

Ujjivan SFB has remained focussed on serving the unserved and underserved as far as banking and financial services are concerned. The Bank selects fintechs for partnership which identify and solve specific needs of this segment at large. The bank also has an extensive set of APIs for faster integration with fintechs and start-ups.

About Ujjivan Small Finance Bank Limited

Ujjivan Small Finance Bank Limited (https://www.ujjivansfb.in/) is a wholly owned subsidiary of Ujjivan Financial Services Ltd. The bank commenced operations as a Small Finance Bank with effect from February 1, 2017 post transfer of business undertaking by Ujjivan Financial Services Ltd. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Ujjivan Small Finance Bank Ltd. is also included in the Second Schedule to the Reserve Bank of India Act, 1934.

About NIRA

Launched in mid 2018 by ex-Goldman Sachs colleagues Rohit Sen and Nupur Gupta, NIRA harnesses the power of data and technology to reimagine the way finance can be provided to consumers.NIRA focuses on providing small ticket loans to blue and grey collared Indians via its mobile app and website. For more information -www.nirafinance.com

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