Utkarsh Small Finance Bank

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Utkarsh Small Finance Bank Limited, formerly known as Utkarsh Micro Finance Private Limited[1], is an Indian scheduled commercial bank licensed by the Reserve Bank of India under the Banking Regulation Act, 1949.[2][3]

The Bank was included in the Second Schedule to Reserve Bank of India Act, 1934 vide RBI Notification dated October 4, 2017, followed by a Gazette Notification published on November 7, 2017.[2]

History and Operations

Incorporated in 2009 as a microfinance institution, the Bank is headquartered at Varanasi, Uttar Pradesh.[4][5] The microlender, as of 2013, had its operation in north India in 29 districts of Uttar Pradesh, Bihar, Madhya Pradesh, Uttarakhand, Delhi and Himachal Pradesh with 123 branches and around 285,000 active clients.[6]

The full banking services of the Bank were launched by the Honourable Prime Minister of India on September 22, 2017.[7] As of 2017, the Bank had its operations in UP, Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh and some portions of Haryana and Uttarakhand.[8]

Utkarsh Small Finance Bank Limited, as of 2019, has annual revenue of Rs 939.1 crore, Net Profit of Rs 93.9 Crore and a Total Equity of Rs 772.8 Crore.[9][10]

Over the years, the Bank has attracted investors like Commonwealth Development Corporation, Norwegian Microfinance Initiative (NMI)[11], HDFC Ergo General Insurance, HDFC Standard Life, ICICI Prudential Life Insurance, RBL Bank Ltd., Shriram Life Insurance, Small Industries Development Bank of India (SIDBI) and private equity funds such as Arpwood Investments, Faering Capital, Aavishkaar Goodwell and Lok Capital.[12]


  1. "Reserve Bank of India - Press Releases". https://www.rbi.org.in/Scripts/FS_PressRelease.aspx?prid=39352&fn=2745. 
  2. 2.0 2.1 "Reserve Bank of India". https://m.rbi.org.in/commonman/English/Scripts/Notification.aspx?Id=2447. 
  3. "Utkarsh Micro Finance receives licence for Small Finance Bank" (in en). 2016-11-28. https://www.zeebiz.com/companies/news-utkarsh-micro-finance-receives-licence-for-small-finance-bank-8547. 
  4. Saxena, Ridhima (2019-09-19). "Deals Buzz: RBL Bank-backed microlender Utkarsh SFB plans ₹500 crore IPO" (in en). https://www.livemint.com/companies/news/deals-buzz-rbl-bank-backed-microlender-utkarsh-sfb-plans-500-crore-ipo-1568871326692.html. 
  5. Bhakta, Pratik (2016-11-28). "Utkarsh Micro Finance gets final nod to set up Small Finance Bank". The Economic Times. https://economictimes.indiatimes.com/industry/banking/finance/utkarsh-micro-finance-gets-final-nod-to-set-up-small-finance-bank/articleshow/55666511.cms?from=mdr. 
  6. Pilla, Viswanath (2013-12-20). "Utkarsh Micro Finance raises '75.8 crore through NCDs" (in en). https://www.livemint.com/Companies/p1RGwSxcB88XopQaEj0QYM/Utkarsh-Micro-Finance-raises-758-crore-through-NCDs.html. 
  7. "Modi Varanasi visit LIVE Updates: Prime Minister offers prayers at Durga Mata temple" (in en-US). 2017-09-22. https://www.financialexpress.com/india-news/pm-narendra-modi-in-varanasi-live-updates-mahamana-express-durga-mata-temple-yogi-adityanath-bjp-up/865613/. 
  8. Rebello, Joel (2017-08-02). "Our book size will be Rs 10,000 crore in 5 years: Govind Singh, Utkarsh Small Finance Bank". The Economic Times. https://economictimes.indiatimes.com/markets/expert-view/our-book-size-will-be-rs-10000-crore-in-5-years-govind-singh-utkarsh-small-finance-bank/articleshow/59873995.cms. 
  9. "Utkarsh Small Finance Bank". Annual Report FY 2018-19. https://www.utkarsh.bank/uploads/pdf/USFB_AR_FY18_19_%20A4.pdf. 
  10. Dash, Jayajit (2019-09-21). "Utkarsh Small Finance Bank aims at Rs 500-600 cr IPO by Dec 2020". Business Standard India. https://www.business-standard.com/article/finance/utkarsh-small-finance-bank-aims-at-rs-500-600-cr-ipo-by-dec-2020-119092100664_1.html. 
  11. Ray, Atmadip (2017-09-22). "Utkarsh looks to raise Rs 125-150 crore from existing investors". The Economic Times. https://economictimes.indiatimes.com/markets/stocks/news/ifc-cdc-to-infuse-rs-150-crore-equity-in-utkarsh/articleshow/60796579.cms. 
  12. Saha, Manojit (2016-10-12). "Utkarsh to start small bank in Jan." (in en-IN). The Hindu. ISSN 0971-751X. https://www.thehindu.com/business/Industry/Utkarsh-to-start-small-bank-in-Jan./article15894351.ece.