Suryoday Small Finance Bank Strengthens Presence in Tamil Nadu with New Branch in Chennai

Friday, 26th July 2024: Suryoday Small Finance Bank (SSFB), a leading new-age digital bank in India, announced the launch of its new branch in Ashok Nagar, Chennai. This marks SSFB’s 11th branch in Chennai, expanding its network to 23 branches in Tamil Nadu.
Arjun Muralidharan, Founder, MD, and CEO of GrowXCD Finance Private Limited, inaugurated the Ashok Nagar branch in the presence of Mr. Baskar Babu Ramachandran, MD & CEO Of Suryoday SFB.
With its long history as a financial hub and being the state’s capital, Chennai offers a large addressable market and presents a strategic location for SSFB’s continued growth. The bank will focus on retail customers, retail businesses, and senior citizens, offering diversified product offerings such as savings accounts, current accounts, fixed deposits, mortgage loans, two-wheeler loans, commercial vehicle loans, etc.
Speaking on the occasion, Mr. Baskar Babu Ramachandran, MD & CEO Of Suryoday SFB, said, “We have been proudly serving Tamil Nadu since 2011, and we are elated to expand our footprint in Chennai with the unveiling of our new branch in Ashok Nagar, a pivotal step in deepening our roots in Chennai. Chennai’s position as a financial hub with numerous government-supportive initiatives makes it ideal for serving the region’s growing financial needs. Our increased presence in the southern capital city will help us provide affordable and accessible financial solutions to the people and businesses in the neighbourhood. Our objective is to empower more people in Tamil Nadu by offering our full range of banking services, and we will continue to invest in more branches, people, and technology in Chennai.”
The Bank has witnessed growth in all performance parameters on YoY basis with retail deposits of Rs 8,137crore in Q1FY25. Across India, SSFB caters to over 28.2 lakh customers, served by 7,440+ employees spread across 675+ branches.