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. 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 transferred through a slum sale, all its
assets and liabilities except certain statutory assets, vehicle and
statutory liabilities standing as at the close of business 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
NBFCCIC-ND-SI and on October 11 , 2018 its name got changed from
UMFL to Utkarsh CoreInvest Limited (UCL).
The company also has two group entities.
• Utkarsh Small Finance Bank Limited (USBL)
• Utkarsh Welfare Foundation