The bank was among the leading Small Finance Banks (SFBs) in India in terms of net interest margins, return on assets, yields and deposit growth. It has for over a decade been serving customers in the unbanked and underbanked segments in India and promoting financial inclusion. The bank commenced its microfinance operations in 2009 and has since expanded its operations across several states and union territories. Its delivery platform also includes partnering with business correspondents (BCs) for sourcing both asset and liability business and has expanded its network and presence through their reach to promote financial inclusion. It has arrangements with various payment banks in India and has been able to leverage its relationship with such payment banks to grow its deposit base. Its distribution network also comprises its ATMs, phone banking, mobile banking, tablet banking, unified payment interface, CSPs, and internet banking services.

Business area of the bank 

The bank currently offers a variety of asset and liability products and services designed for inclusive finance and general banking customers. Its asset products consist of its inclusive finance portfolio (comprising loans to JLG customers), commercial vehicle loans, affordable housing loans, micro business loans, unsecured micro and small enterprise and small and medium enterprise loans, secured business loans, financial intermediary group loans and other loans. The bank has leveraged the use of technology across all aspects of its operations. In particular, it uses digital technology for customer acquisition and also customer lifecycle management. Its employees use tablets to service customers in the unbanked and underbanked segments which has led to greater customer convenience and improved operational efficiency. It also has a robust back-end operating system supported by its core banking system and document management system.

Major events and milestones

• 2008: Incorporation of Suryoday Micro Finance, founded and promoted by Baskar Babu Ramachandran, Ganesh Rao and V. L. Ramakrishnan.
• 2009: Received RBI license for establishing an NBFC and commenced microfinance operations.
• 2009: Investment by Aavishkaar Goodwell India Micro Finance Development Company Limited in Bank.
• 2012: Investment from HDFC Holdings Limited and HDFC Standard Life Insurance Company Limited in Bank.
• 2013: Investment by Lok Capital II LLC in Bank.
• 2014: Investment by IFC in Bank.
• 2014: Received listing permission from BSE in wholesale debt segment to issue debt securities.
• 2015: We became a public limited company in June 2015.
• 2015: 159 branches and 0.49 million customers as on March 31, 2015.
• 2015: Received in-principle approval from RBI to establish an SFB.
• 2015: Investment by DWM (International) Mauritius in Bank.
• 2016: Received RBI final Approval to commence its SFB operations.
• 2017: Commenced operations as an SFB in January 2017.
• 2017: Included in second schedule to the RBI Act.
• 2018: A new cluster of retail assets to provide finance for commercial vehicles, housing, MSME and loan against property upon initiating SFB operations.
• 2019: Investments by DEG in Bank.
• 2020: Investments by Kotak Mahindra Life Insurance Company Limited and Teachers Insurance and Annuity Association of America in Bank.