About the Company
Utkarsh CoreInvest Limited (erstwhile Utkarsh Micro Finance Limited) is the promoting institution for 'Utkarsh Small Finance Bank Limited’. Utkarsh Micro Finance Limited started its operations way back in September 2009 to provide financial and non-financial services in its area of operations to the unbanked population who had the skills but were in need of capital.
The company started with credit under Joint Liability Group (JLG) model in FY 2009. Subsequently, it added Micro Enterprise Loans (MEL), Housing Loans and Micro Pension Products in its product bouquet. A snapshot of the Journey is captured at the Milestone page.
During FY 2016, the Reserve Bank of India granted licence to Utkarsh Micro Finance for setting-up a 'Small Finance Bank', subsequently to which the company formed a subsidiary in the name of 'Utkarsh Small Finance Bank Limited'.
The company transefered through a slum sale, all its assets and liabilities except certain statutory assets, vehicle and statutory liabilities standing as at the close of bussiness hours on January 21, 2017 to its subsidiary, USFBL in line with requirement of the licencing conditions for the Bank. On January 23, 2017 the subsidiary started the Banking operations. Subsequently, on May 3, 2018 UMFL got its licence converted from NBFC-MFI-ND-SI to NBFC-CIC-ND-SI and on October 11 , 2018 its name got changed from UMFL to Utkarsh CoreInvest Limited (UCL).