Bangalore headquartered Ujjivan Financial Services has announced that it has received debt funding from SIDBI and other public / private sector banks to the tune of Rs 100 Crore over the past few months. Earlier this year in July , Ujjivan had raised Rs 55 Crores through two Non Convertible Debenutre (NCD) issues.
Ujjivan institutes 100% Credit Bureau checks for all loan approvals
To overcome the problems of multiple lending and over-indebtedness of clients , Ujjivan has announced that loan approvals are now being approved only after client background checks are conducted with credit bureau databases.
Ujjivan signed membership agreements in January 2011 with CIBIL and in February 2011 with Highmark. Ujjivan has also signed up the membership agreement with another Credit Bureau Equifax in the month of July 2011.
Author : Abhay N
Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.
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