RBI Identified Ujjivan SFB’s Defects
Ujjivan SFB has filed a draft prospectus with SEBI in August. It plans to raise about Rs 1,200 crore through the public issue. The firm has already received approval from the market regulator for its IPO. As of the data, RBI has noticed faults at Ujjivan SFB at the time of the investigation. RBI investigated Ujjivan SFB under the banking regulation act and RBI act.
According to the source, the Reserve Bank of India had put a small condition while approving the SFB license to Ujjivan to control small finance bank operations. The central bank had conditioned that no SFB could not list in the stock exchange up to 3-years from the date of the license issued, and such SFB should have capital at least Rs 500 crore at the end of the third year.
Ujjivan SFB’s three years of operations would complete by the end of January 2020. Then it will launch its IPO between Feb-March 2020. In February 2019, the bank has managed a Pre-IPO placement. At that time, it has raised Rs 300 crore from a clutch of investors including HDFC Life and Sundaram Mutual Fund. At the same time, the company has valued at Rs 2000 crore.
RBI Inspection Report:
As of reports, RBI was investigated Ujjivan SFB in February 2019 and noticed a lack of a system to track priority sector loans. It also observed that liability products were being offered from certain centers without RBI approval. It has remarked some debts concerning Ujjivan SFB’s fraud management system.
Moreover, it also noticed an unfair gain rate on a particular date for deposit of the same tenor and same amount. The rate of interest mentioned in certain sanction letters was different from those mentioned in the loan agreement. Non-optimizing of core banking software customized for micro-loans.
According to the source, After the IPO, Ujjivan SFB will join in the peer list such as AU small finance bank which had successfully listed in the last year. Moreover, two other companies also filed draft papers with SEBI, which are EESL and CSB.
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