Suryoday Micro Finance

Suryoday Small Finance Bank Limited operates as a scheduled commercial bank in India, focusing on providing financial services to the 'banked,' 'underbanked,' and 'unbanked' segments of the population. The institution began its journey in 2008 when it was incorporated as Suryoday Micro Finance Private Limited by founders R. Baskar Babu, Ganesh Rao, and V. L. Ramakrishnan. R. Baskar Babu, the current MD & CEO, brought with him extensive experience from his tenure at HDFC Bank, GE Commercial Finance, and Cholamandalam Investment & Finance. His entrepreneurial drive was sparked during a job interview with Aavishkaar Group, which resulted in his first investment for the proposed microfinance venture.

Initially established as a Non-Banking Financial Company (NBFC), the company commenced its microfinance operations in 2009 after receiving its license from the Reserve Bank of India (RBI). A key milestone in its history was the transition to a Small Finance Bank (SFB). After receiving the in-principle approval in 2015 and the final license in 2016, the company officially commenced its banking operations as Suryoday Small Finance Bank in January 2017. This transformation allowed the bank to expand its offerings beyond micro-loans and serve a broader customer base. A significant corporate achievement was its Initial Public Offering (IPO) in March 2021, which saw the company listed on the BSE and NSE stock exchanges.

The bank's business model is centered on financial inclusion, generating revenue primarily through net interest income from its lending and investment activities. Its product portfolio is comprehensive, catering to both retail and corporate clients. For individuals, Suryoday offers a variety of savings and current accounts, fixed and recurring deposits, and loan products such as home loans, commercial vehicle loans, and secured business loans. A core offering remains its microfinance loans, often structured as Joint Liability Group loans, designed to empower women in low-income brackets. The bank also provides a suite of digital banking services, including internet, mobile, and tablet banking, alongside debit cards and NRI banking services. To enhance its digital footprint, Suryoday has forged strategic partnerships with fintech companies like Torus Digital to offer integrated 3-in-1 savings, trading, and demat accounts.

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