The bank said the new foreign exchange services cover inward and outward remittances as well as foreign currency deposits, allowing customers to receive funds from overseas, send money abroad, and maintain balances in multiple currencies. These services are aimed at individuals and businesses that require regular international payments or receipts.
Alongside this, the bank introduced EEFC accounts for exporters, freelancers, and professionals earning in foreign currency. The EEFC facility allows account holders to retain foreign exchange earnings without immediate conversion into Indian rupees, in line with Foreign Exchange Management Act (FEMA) regulations. The bank said the accounts can be maintained in freely convertible currencies and used for permissible transactions such as business payments, travel, and trade-related expenses.
According to Ujjivan Small Finance Bank, the services are available through its digital and branch banking channels and are supported by dedicated forex teams. The bank also stated that the offerings are intended to support small and medium enterprises, non-resident Indians, and travellers with international banking requirements.
The launch marks an expansion of Ujjivan Small Finance Bank’s international banking capabilities as it looks to cater to growing demand for foreign exchange and remittance services amid rising cross-border trade and overseas earnings.
