Unity Small Finance Bank enters T.N. with 8 branches

Unity Small Finance Bank on Monday announced its entry into Tamil Nadu with the inauguration of six branches in Chennai and two in Coimbatore. The lender said it was also planning to enter tier-II cities such as Tiruchi, Madurai and Salem.

“Currently, we are present in 19 States with 187 branches. Our goal is to have 223 branches by March 2025. We will be entering more States such as Uttar Pradesh, Rajasthan, Haryana and Andhra Pradesh,” MD & CEO Inderjit Camotra said in a press meet.

Following its merger with the Punjab and Maharashtra Cooperative Bank (PMC), the New Delhi-based lender said it is gearing up to enter more States.

The merger with PMC was smooth, Mr. Camotra said adding that this brought along “1,100 efficient managers and 110 branches”. After the merger, the net non-performing assets of the bank stood at 1%.

Mr. Camotra said Unity Small Finance Bank had 2.1 million customers and was adding 35,000 customers per month. Its five-year rolling goal was to serve 10 million customers and build a loan book exceeding ₹50,000 crore.

In Tamil Nadu, the bank had built a loan book of ₹500 crore and in South India it stood at ₹2,400 crore.

Unity Bank is also on the verge of introducing credit cards to attract different types of customers by collaborating with BharatPe, Rupay and an international firm, he said.

Published – October 21, 2024 07:12 pm IST

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