Suryoday Small Finance Bank is a new
age bank that went live on January 23rd 2017. Their endeavour is to bring the
best banking solutions to the ‘banked’, ‘under-banked’ and the ‘un-banked’
sections of the society. Their power packed solutions are designed to offer the
choicest of benefits to suit different financial needs. As always, their focus
will continue to be on ensuring the best in class.
Suryoday Small Finance Bank continues
to offer its existing credit products suite of MFI loans, Vikas Loans,
Shopkeeper Loans etc. to new and current customers.
Offers digital banking as the key
account differentiator to customers using the extensive seeding of Aadhar
biometric identification system, NPCI’s payment systems and mobile technologies
whilst continuing to explore banking through traditional channels.
Focus on the unserved and the
underserved through innovative banking practices and continue to expand reach
in states where it currently doesn’t have a presence.
Suryoday Small Finance Bank has been at
the helm of financial inclusion since 2008. As a microfinance institution in its
earlier avatar, it was able to create an outreach of over 7 lakh micro
borrowers. As a responsible lender, it has always deemed financial literacy
important. The bank’s Corporate social responsibility (CSR) initiatives are
focused on financial literacy initiatives. Over a period of time the programs
have been strengthened to keep pace with central government initiatives such as
Jan Dhan, Aadhaar and Mobile (JAM) framework and digital financial literacy
drives.
Suryoday Small Finance Bank (SFB) has
joined the bandwagon of banks planning to launch their IPOs this year. The Navi
Mumbai-based bank plans to raise up to INR1,000 crore (INR10 billion) through
the share sale. Suryoday Small Finance
Bank IPO will involve issuance of fresh shares as well as sale by existing
shareholders and the latter is expected to garner around INR400 crore to current
investors.
“The IPO will come by September
2020. We are looking to raise Rs 400 crore through OFS, while further fresh
equity infusion will take the IPO size between Rs 600 and Rs 1,000 crore,” said
R Baskar Babu, Managing Director and CEO of the bank.
The bank currently has a network of
382 branches but plans to expand the number to 600 by March 2020. “We are
planning to increase our asset portfolio to approx. INR4,500-5,000 crore, while
the deposits are expected to increase to INR3,500-4,000 crore by end of the
fiscal,” said Babu about the bank’s plans which recently gained presence in
Gujarat. The bank currently has asset portfolio of about INR3,000 crore and
deposit book of about INR1,800 crore.
Suryoday Microfinance received RBI nod
to convert into a Small Finance Bank in 2016 and it started banking operations
in January 2017. The bank counts HDFC, HDFC Life, IFC, Lok Capital, TVS Capital
Funds, Gaja Capital among its investors.
While the bank is gunning for the
IPO next year, it is yet to start the groundwork for the same. No merchant bank
has been hired so far to manage Suryoday
Small Finance Bank IPO and a draft prospectus with market regulator SEBI is
yet to be filed. Nevertheless, the bank remains hopeful of fulfilling
compliance requirements by December before submitting paperwork to SEBI.
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