Mudra Financial Services Competitors

Bandhan Bank Ltd. is a banking and financial services company, headquartered in Kolkata. Bandhan Bank is present in 35 out of 36 states and union territories of India, with 6,140 banking outlets and 3.07 crore customers. Having received the universal banking licence from the Reserve Bank of India, Bandhan Bank started operations on August 23, 2015, with 501 branches, 50 ATMs and 2,022 Banking Units (BUs). The Bank has mobilised deposits of ₹1,08,479 crore and its total advances stand at ₹1,03,168 crore as of June 30, 2023.[

Jana Small Finance Bank, head quartered in Bengaluru has been one of the pioneering forces behind India's Urban Microfinance movement. The bank’s journey began in 1999, and today, it stands tall as a one of the leading Scheduled Commercial Bank with a remarkable legacy that continues to unfold. Since the transformation into a scheduled commercial bank in March 2018, it has been on a relentless mission to uplift the under-banked & under-served segments across the nation. As on 31st March, 2023, Jana Small Finance Bank has a presence across 22 states and 2 union territories, with 754 banking outlets strategically placed to make a significant impact. Notably, 272 of these outlets are located in unbanked rural centres, underscoring our commitment to reaching the remotest corners of the nation. Over the past 16 years, the bank has developed a profound understanding of the unique financial needs of its 12 million+ customers, fostering progress and prosperity. But that journey hasn’t stopped. The bank has been at the forefront of digital innovations, launching multiple products & services to provide best-in-class banking experience to its customers. SEBI Registration Number - INBI00001285

There were many microfinance institutions active in rural India, but very few served India’s urban population. To bridge this gap, Ujjivan focused on the urban poor. This is a fast growing segment that is relatively new to India’s microfinance industry. Our surveys and interaction with the urban poor show that they are exposed to enormous contingencies and are required to share their meagre resources with neighbors, friends, relatives and colleagues. Hence, there is a tremendous amount of bonding and affinity among them. We have also found that, contrary to popular belief, the urban poor are a stable population. Therefore, the significant difference between the urban and rural population is the lack of time and availability of space in cities. Our primary target customers are women because research has shown that they are a better population segment for microfinance. They are proven to spend a larger portion of their money on the welfare of their family and therefore create systemic changes needed to move their families out of poverty. The lending alternatives for poor women, besides MFIs, are comprised of moneylenders and other high cost, typically unreliable services. Our strategy, products and distribution methods began based on the results of an 18 month pilot program and an extensive market research study, both based in Bangalore, and has evolved over the past three years based on our findings and experience in each of our regions. From our research and experience, we have found that income is not a reliable determinant to establish economic status of the urban poor, so we also consider a variety of factors other such as housing, occupation, education, expenditure etc. Unlike in rural areas, a substantial portion of the urban poor are employees with salary income, working in the unorganized sector as housemaids or cooks and the organized sector in factories, hospitals, offices and hotels. The self-employed are mainly vendors, small shopkeepers, tailors, etc