How Ujjivan Small Finance Bank sustained a 90%+ Trust Index Score while doubling its size

Meet Ujjivan Small Finance Bank (USFB)

About The Company

Ujjivan Small Finance Bank (USFB) Limited is among the leading small finance banks as it remains committed to serve the unserved and underserved segments through financial and digital inclusion.

Ujjivan Financial Services Limited (UFSL) commenced operations as an NBFC in 2005, with the mission to provide a full range of financial services to the ‘economically active poor’. On receipt of License from RBI, UFSL set up Ujjivan Small Finance Bank (USFB) and USFB commenced its Banking operations from February 1, 2017.

The Bank has a Pan-India presence, with over 95.1 lakh customers, 753 banking touchpoints across 326 districts, 26 states and Union Territories. Gross loan book stands at ₹32,122 crore with a deposit base of ₹37,630 crore as of March 31, 2025.

Ujjivan Small Finance Bank has been assigned a credit rating of AA- (Stable)/A1+ from CARE/CRISIL respectively towards its long-term bank facilities, fixed deposits and CD program depicting sustenance of Ujjivan Small Finance Bank’s Performance.

Employee Strength: 24,500+ India based employees
Industry: Banking and Financial Services
Indian HQ: Bangalore

Great Place To Work Experience:

“Since partnering with Great Place To Work, Ujjivan Small Finance Bank has seen a significant improvement in employee satisfaction, trust scores, and retention rates. With one of the lowest attrition rates in the banking sector at <20% and an infant attrition rate of just <5%, the bank has successfully created a workplace that employees want to be a part of.

By continuously leveraging the Great Place To Work insights, Ujjivan Small Finance Bank is committed to evolving as an organisation that not only delivers business success but also nurtures its employees at every stage of their journey.”

—Ms. Chandralekha Chaudhuri, Head of HR at Ujjivan Small Finance Bank Limited

From humble beginnings to one of the industry leaders, Ujjivan Small Finance Bank’s journey is a compelling story of growth, innovation, and employee engagement. Founded with a mission to provide financial inclusion to the underserved, Ujjivan Small Finance Bank has scaled up exponentially since its inception. However, what sets this organisation apart is its commitment to fostering a great workplace culture and prioritising employee experience.

This case study delves into Ujjivan Small Finance Bank’s inspiring journey, exploring how its leadership has successfully navigated the challenges of rapid growth while fostering a positive, supportive work environment that drives business success.

*Note 1: (Ujjivan Financial Services Limited (UFSL) has partnered with Great Place To Work India during the period 2009 to 2016 || Ujjivan Small Finance Bank (USFB) has partnered with Great Place To Work India during the period 2017 to 2025)

Behind the Numbers: A High-Performing Culture

Ujjivan Small Finance Bank’s journey demonstrates the transformative impact of a strong, employee-centric culture on business growth and performance.

This sustainable success is powered by a strong foundational intent and a visionary leadership strategy, also evidenced by its sustained recognition in prestigious lists like India’s Best Companies to Work For, India’s Best Workplaces in BFSI, and India’s Best Workplaces Building a Culture of Innovation by All.

Evolution across Growth Phases

While Ujjivan Small Finance Bank has grown exponentially over the years, what has stayed consistent is the people first strategy and the leadership’s commitment to creating and sustaining a high-trust, high-performance culture. A strong employee-centric culture has proven to be the strongest pillar in times of growth and recovery; in both instances, Ujjivan Small Finance Bank outperformed its competition.

Commitment to foundational values amidst rapid expansion

Leading with Purpose: From its early days as an NBFC to becoming a trusted Small Finance Bank, Ujjivan Small Finance Bank’s leadership has remained committed to its core people-first culture. Leaders have acted as role models, fostering a culture of ownership and accountability. During the COVID-19 crisis, rather than laying off employees, Ujjivan Small Finance Bank redeployed staff to teams where focus was required, demonstrating its commitment to job security and resilience. This leadership intent has strengthened employee trust and reinforced the bank’s people-first philosophy.

The Bank’s people philosophy has stood the test of time as it has evolved with modern HR strategies. Transparent hiring through structured Job Descriptions, fair compensation through compensation benchmarking, and career growth via personalised training programs ensure a dynamic yet consistent culture experience for the employees. The focus isn’t limited to hiring employees but nurturing careers by staying true to organisational values while integrating new-age, tech-driven HR solutions.

Hiring for Shared Values: A structured recruitment process, including competency-based hiring and Hogan’s assessment, ensures a strong cultural fit, especially at the top and middle leadership. Employee referrals serve as a strategic filter for culture-fit hiring. The Bank’s focus on Internal Job Postings (IJP) facilitated over 1,500 internal movements in FY 2024–25, promoting career growth and enhancing retention. This approach forms a key pillar of the Bank’s overall HR strategy.

The Human Factor in Hypergrowth

Ujjivan Small Finance Bank’s leadership understands the critical role that supervisors play in employee experience. Recognising that supervisors “make or break” the experience, the bank has invested in extensive development programs to prepare supervisors as empathetic, capable and accountable leaders who can support and grow their teams effectively. They are the true ambassadors of creating the Ujjivan Small Finance Bank experience for employees.

With a remarkable attrition rate of <20% in the banking industry, its ability to retain talent speaks volumes about its culture. Programs like EDGE (Executive Development for Growth and Excellence) help the organisation to identify and nurture high-potential employees through personalized development plans and career growth. By incorporating simulations, psychometric assessments, and real-world case studies, the EDGE program fosters an environment that prioritises understanding individual strengths and growth areas. Additionally, it promotes a culture of empathy and support, allowing supervisors to become effective mentors.

There are also programs like “Rise and Shine”, which focus on uplifting underperforming team members through targeted training and guidance. Together, these programs enhance the supervisor-employee relationship, ensuring a more engaged and motivated workforce.

The Tech Factor in Hypergrowth

Ujjivan Small Finance Bank has actively embraced technology to meet the demands of its growing workforce. With a Generative AI chatbot, the bank has streamlined communication, allowing employees to get the support they need quickly. The bot prioritises high-risk queries, ensuring they are addressed within 24 hours. This balance of human accessibility and tech-driven efficiency has enabled Ujjivan Small Finance Bank to maintain a strong employee experience at scale.

Additionally, the bank has automated HR processes, made learning more accessible and seamless, and streamlined operations for AI-driven compliance tools, making it a future-ready organisation. Embracing this transformation also meant continuous upskilling, listening, and creating new opportunities for the workforce.

Through these strategies, Ujjivan Small Finance Bank has not only maintained its core values but has also leveraged technology and leadership-driven initiatives to sustain its people-first culture amidst rapid growth.

At Ujjivan Small Finance Bank, we have always believed that putting people first is not just good culture—it’s good business. As we scaled from a grassroots microfinance institution into a pan-India small finance bank, serving over 90 lakh customers, the challenge was never just operational—it was cultural. How do you retain the soul of a close-knit organisation while growing at this pace? The answer lies in staying deeply connected to our people. We invested early in leadership development, built platforms for feedback and transparency, and ensured no one was left behind- even during the toughest times, like the pandemic, when we chose redeployment over layoffs. Our 15-year (*Note 1) partnership with Great Place To Work has been a compass in that journey, affirming that we can grow fast, stay agile, and still be the kind of workplace where trust, dignity, and purpose thrive at every level.

Sanjeev Nautiyal, Managing Director & Chief Executive Officer, Ujjivan Small Finance Bank Limited

Deep Listening Partnership with Great Place To Work

Ujjivan Small Finance Bank first partnered with Great Place To Work in 2009 and since then, has trusted it as a true listening partner. The HR team at Ujjivan Small Finance Bank endorses that the insights gathered from the Trust Index survey in the early years of its partnership with Great Place To Work were instrumental in shaping the organisational culture. A notable strength identified was the strong pride employees, particularly in field roles, felt in their association with the bank, largely due to the impactful nature of work. Today, 95% of employees at Ujjivan Small Finance Bank strongly endorse their workplace.

While the assessments highlighted several strengths, employees also shared important areas for improvement. Some employees expressed concerns about the lack of uniformity in the employee experience across the organisation as it grows. Low sentiment around fun at the workplace was also observed. Finally, employees highlighted the need for better communication and transparency, with a desire for more open conversations and regular updates about what’s happening across the organisation.

Trust Index Insights as catalysts for change

This invaluable feedback acted as a catalyst for change, prompting the introduction of initiatives like town halls, digitisation and standardisation of Rewards and Recognition, numerous engagement activities, and the shift to digital newsletters. Holding regular town halls facilitated improved communication. The shift from print to digital newsletters led to a 20% increase in employee engagement, highlighting the positive response to more accessible and timely internal communication. Overall, the Trust Index insights enabled Ujjivan Small Finance Bank to benchmark its workplace environment against industry standards, while also identifying core strengths and priority areas for improvement.

Over the last 15 years, we’ve used our experience with Great Place To Work to gather insights and transform how we communicate, recognise, and grow our people. From townhalls and digitised rewards & recognition to AI-driven employee grievance chatbots and AI-driven Learning Management System, everything we’ve built stems from the voice of our people. Being certified for 7 years and three straight years in the Top 25 BFSI in India reflects not just consistency, but evolution.

Ms. Chandralekha Chaudhuri, Head of HR at Ujjivan Small Finance Bank Limited

The development of TRUST 360° Framework

After thorough transformations driven by the insights from the Trust Index Survey, Ujjivan Small Finance Bank developed the TRUST 360° Framework, which aligns people-centric practices with business growth and organisational resilience. This model encapsulates five core pillars, each representing a distinct strategic lever contributing to Ujjivan Small Finance Bank’s enduring success as a Great Place To Work.

Additional Highlights

Gender diversity at 56% women on the Board of Directors and 20% in total workforce.
Employee attrition at <20%, among the lowest in the banking sector, demonstrating high retention.

In a Nutshell

From its early days as an NBFC to becoming a trusted Small Finance Bank, Ujjivan Small Finance Bank’s leadership has remained committed to its core values. Its people philosophy has remained intact even as it evolved with modern HR strategies. The insights and data-driven assessments provided by Great Place To Work have played a pivotal role in refining its employee experience lifecycle, from hiring and onboarding to engagement and retention. Today, 95% employees proudly endorse their company to friends and family as a great workplace. The bank has consistently analysed employee feedback, strengthening key areas such as leadership development, performance management, and workplace inclusivity.

Author

Shambhavi Agrawal, Content Manager, Great Place To Work India

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