Incorporated in 2016, Utkarsh commenced operations in 2017 and its product suite includes a range of deposit products, including saving accounts, salary accounts, current accounts, recurring and fixed deposits and locker facilities. It also had the second highest provision coverage ratio among SFBs in fiscal 2023. Its operations are focused in rural and semi-urban areas and as of March 2023, it had 3.59 million customers majorly located in rural and semi urban areas
Gold loan companies slip as RBI orders corrective measures for lapses
The issues highlighted by RBI include improper valuation, breaches of loan-to-value (LTV) ratios, and inadequate governance in partnerships with fintech entities, said Shrikant Chouhan, head