Suryoday Small Finance Bank to Shut Down its ATMs From 1st October
Moneylife Digital Team 30 September 2021
Suryoday Small Finance Bank (SFB) has decided to shut down its automated teller machines (ATMs) from 1 October 2021 due to operational reasons.
However, customers will be able to use their Suryoday Bank ATM or debit card at most ATMs of other banks for cash withdrawal. Additionally, customers will also be able to use both internet banking and mobile banking 24X7, the lender says.
Last month, in his message in the annual report, SFB Bhaskar Babu, managing director and chief executive officer (CEO), of SFB said that the bank is looking to become a one-stop solution bank using strategic collaborations. “Our core mission for the next three years will be to build financial robustness for our inclusive finance customers using digital channels, which is simple, easy to operate and gives them holistic product options for wealth creation and superior user experience," said Mr Babu.
As of 30 June 2021, SFB had a total of 555 banking outlets across 13 states out of which liability-focused outlets were around 97 and the total employee count was nearly 5,072.
SFB holds a strong presence in Maharashtra, Tamil Nadu, and Odisha. The bank had reported Rs48 crore loss in the quarter ended 30 June 2021, on account of a write-off, provision on restructuring as well as the earnings impact on account of lower disbursements due to the second wave of the COVID-19 pandemic. The bank had reported a net profit of Rs27 crore in the year-ago quarter.
As per the Reserve Bank of India (RBI) guidelines issued in November, small finance banks will be allowed to provide basic banking services, accepting deposits and lending to unserved and under-served sections including small business units, small and marginal farmers, micro and small industries, and entities in the unorganised sector.
Suryoday Small Finance Bank is a scheduled commercial bank. Commencing its operations as a non-banking financial company (NBFC), Suryoday started its operations as a small finance bank in 2017.
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