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Suryoday Small Finance Bank – The beginning of a new era in ‘Inclusive Banking’

Suryoday - ‘Sunrise’ in Sanskrit, signifies a new dawn, a new beginning and this encompasses our strong commitment to financial inclusion. In the past, as Suryoday Micro Finance and now as Suryoday Small Finance Bank.

Our journey from Micro Finance to a Small Finance Bank took just eight years. Today over 2 million "smiling customers" stand testimony to our belief that ‘no matter what, dreams, when enabled will transform mankind and create a whole new world around’.

We are among the 10 companies and the only one from Maharashtra to obtain a ’Small Finance Bank’ licence from the Reserve Bank of India (RBI).

Suryoday Small Finance Bank Ltd. – A “small” step in banking but a “big” leap for social inclusiveness.

Suryoday Small Finance Bank is a new age bank that went live on January 23rd 2017. Our endeavour is to bring the best banking solutions to the ‘banked’, ‘under-banked’ and the ‘un-banked’ sections of the society. Our power packed solutions are designed to offer the choicest of benefits to suit different financial needs. As always, our focus will continue to be on ensuring the best in class ‘Customer Experience’.

As a bank, we will

  • Continue to offer our existing credit products suite of MFI loans, Vikas Loans, Shopkeeper Loans etc. to new and current customers.
  • Offer digital banking as the key account differentiator to customers using the extensive seeding of Aadhar biometric identification system, NPCI’s payment systems and mobile technologies whilst continuing to explore banking through traditional channels.
  • Focus on the unserved and the underserved through innovative banking practices and continue to expand reach in states where we currently don’t have a presence

Our Promoters

Mr. Baskar Babu Ramachandran

Baskar Babu Ramachandran is the Managing Director and Chief Executive Officer of our Bank. He has several years of experience in the banking and finance sector. Prior to co-founding Suryoday Micro Finance Private Limited, he was associated with various companies including GE Capital Transportation Financial Services Limited as
the vice-president - quality and operations and HDFC Bank Limited as assistant vice president. He holds a bachelor’s degree in mechanical engineering from the University of Madras and a master’s degree in business administration from the Pondicherry University. He has participated in the management development programme for strategic management for corporate leadership conducted by Indian Institute of Management, Calcutta.

Mr. P Surendra Pai

He has several years of experience in banking and finance. Previously, he was associated with Wipro Limited (Consumer Care and Lighting) as the vice-chairman and executive officer and the Murugappa Corporate Board (advisory board) as the executive chairman. He holds a bachelor’s degree in electrical engineering from University of Mysore and a post graduate diploma in industrial engineering from the Indian Institute of Technology, Madras.

Mr. P. S. Jagdish

He has several years of experience in electrical engineering industry. Previously, he was associated with Indian Transformer Manufacturers Associations as one of the founders and headed the organisation and Indo Tech Transformers Limited as executive director. He holds a bachelor’s degree in engineering (industrial production) from Manipal Institute of Technology, Manipal.

Mr. G. V. Alankara

He has several years of experience in financial services. He is currently associated with Old Bridge Capital Management Private Limited as a Director. He holds a master’s degree in business administration from the University of Cochin.

Board of Directors

Mr. Ramachandran Rajaraman
Non-Executive Chairperson and Independent Director

Mr. Ramachandran Rajaraman is the Part-time Chairperson and Independent Director of the Bank. He holds a Master’s degree in Science and a post graduate diploma in Financial Management from the University of Madras. He has over 38 years of experience in Commercial Banking and Finance. He has served as a part-time non-official director of Deposit Insurance and Credit Guarantee Corporation, a wholly owned subsidiary of RBI and a member of the Advisory Board on Banks, Commercial and Financial Frauds of Central Vigilance Commission. Previously, he was on the Board of Small Industries Development Bank of India as Non-Executive Director with Andhra Bank as its Chairperson and Managing Director, Syndicate Bank as Executive Director and with Indian Bank as General Manager. He presently holds position as Short-term Consultant and Lead Technical Advisor / Peer Reviewer for IFC (W) of the World Bank Group, associated with its India Investment Vehicle Project.

Mr. Mrutunjay Sahoo
Independent Director

Mr. Mrutunjay Sahoo is an Independent Director of the Bank. He is a retired Indian Administrative Services Officer and has several years of experience in public administration. Previously, he was a special chief secretary to the Government of Andhra Pradesh and has been associated with several Maharatna and Miniratna public sector undertakings as a nominee director of the Government of India for Maharatna companies and non-official independent director of Government of India for a Miniratna company. His last post was as special chief secretary to government of Andhra Pradesh (energy department) and associated with Transmission Corporation of Andhra Pradesh Limited, Andhra Pradesh Power Finance Corporation Limited and The Singareni Collieries Company Limited.

Mr. Jyotin Kantilal Mehta
Independent Director

Mr. Jyotin Kantilal Mehta is an Independent Director of the Bank. He holds a Bachelor’s degree in Commerce and is a gold Medallist from the University of Mumbai and obtained first class with honours, is a fellow member of the Institute of Chartered Accountants of India and obtained third rank in the final examination, a fellow member of the Institute of Company Secretaries of India and a fellow member of the Institute of Cost and Management Accountants of India. He has over 40 years of experience in corporate laws. Previously, he was associated with ICICI Bank Limited as a General Manager and Company Secretary, 3i Infotech Limited as Senior General Manager, Voltas Limited as Vice-President & the Chief Internal Auditor, Bharat Shell Limited as the Vice-president of Finance and Company Secretary, and NOCIL Limited as the Head of project finance.

Mr. John Arunkumar Diaz
Independent Director

Mr. John Arunkumar Diaz is an Independent Director of the Bank. He holds a Bachelor’s degree in Science (Mathematics) from University of Madras and a Post Graduate Diploma in Business Management from Xavier Labour Relations Institute, Jamshedpur. He has over 28 years of experience in Standard Chartered Bank, based in India and overseas, where he was head of programme & change management and was also certified as a credit professional by Standard Chartered Bank. Additionally, he has over 18 years of experience as a Consultant in banking services for several international institutions, including in Indonesia, Thailand and Mauritius by way of his association with Quest OntheFRONTIER Pte. Ltd., Bain & Company SE Asia Inc. and iCube Consortium Pte Limited respectively. He has also assisted our Bank and Equitas Finance Private Limited (now known as, Equitas Small Finance Bank Limited), two microfinance companies in their transition to small finance banks. Further, he has also been on the boards of companies in the venture capital, horticulture and agriculture sectors,an automated teller machine manufacturer and in two companies in the primary and secondary healthcare sector which he had promoted.

Mr. Krishna Prasad Nair
Independent Director

Mr. Krishna Prasad Nair is an Independent Director of the bank. He is a B.Com from Madras University and MBA from Cochin University of Science & Technology. He is a career banker and has been with Indian Overseas Bank and IDBI, both as a DFI and a universal bank. He has attended various trainings with IIM- Ahmedabad, Centre for Advanced Financial Research & Learning (CAFRAL), RBI (at Mumbai and Sydney) and Kellogg School of Business, Northwestern University, Chicago. He was appointed as Deputy Managing Director in IDBI Bank in September 2016 and was entrusted with the overall charge of the Retail Banking portfolio in addition to Human Resources, Information Technology and Administration & Facilities Management. From December 2017 till his retirement in May 2019 from IDBI Bank, he was in charge of Corporate Banking and NPA Management during which period he was Chair and a Member of Credit and ALCO Committees as also other Board Committees. He is a veteran in the Financial Services sector having been associated with Indian overseas Bank as probationary officer for 6 years and the IDBI for 17 years in Project Finance and various other departrnents. He was appointed as CGM- Human Resources at IDBI Bank in June 2005 and held the position for about 6 years before getting into Retail banking and a mixed portfolio comprising Human Resources, Information Technology, Administration & Facilities Management.

Ms. Mandeep Maitra
Independent Director

Ms. Mandeep Maitra is an award-winning Global HR Leader and Leadership & Transformation Coach. Her work experience of three decades spans Paris, London, Singapore & Mumbai. Mandeep is Bachelor of Arts (Honors) in Psychology from Lady Sri Ram College, University of Delhi; Master of Arts in Personnel Management & Industrial Relations, Tata Institute of Social Sciences, Mumbai; HR Strategy in Transforming Organizations, London Business School and has also carried out various Executive Coaching and Certification Programs. Mandeep has been credited with being the HR architect of HDFC Bank. During her tenure, Mandeep took the Bank from less than 1500 people to over 80000 in the Bank and its affiliate companies. In the BFSI space, she is hugely regarded for her understanding of banking and has many firsts to her credit. She started the trend of hiring from Tier 2 /3 cities, introduced HRIS way ahead of other banks, created strategies to help build talent pipelines from within and to drive results for better productivity and meritocracy. She is experienced in managing people and culture issues and was involved in two mergers, one of which is considered the largest in the Financial Industry. She thrives in managing scale, complexity and change. She also set the CSR function in HDFC Bank, focusing on education, skilling, livelihood creation and women empowerment. Post HDFC Bank, she worked with Dr Lynda Gratton, Prof. of Management Practice at London Business School London and also spearheaded the Future of Work research in Asia Pacific as part of Dr Gratton’s Hots Spots Movement. Mandeep has worked with the Ministry of Manpower and other blue-chip organizations on Productivity, Innovation, Collaboration and Stakeholder Management. Later in Paris, Mandeep worked with Dr Julia Cooke of the Academy of Design Thinking and Entrepreneurship, UK, where she was involved in facilitating design thinking workshops, mentoring start-ups and coaching women entrepreneurs. She moved back to Mumbai from Paris, France, in 2019. Mandeep has launched an online FB community for empowering women called WiP (Women in Power) last year. This community is aimed at enriching the perspective of working women regarding managing themselves at work and home and creating a psychologically safe and judgement-free platform to voice their opinions, thoughts and ideas. She also mentors a start-up in Education and Employability (Expressions) whilst continuing to advise companies in the BFSI space on leadership and transformation issues. She is on the board of The HR Fund, which supports the technology start-ups focused on a new world of work. She was the Chairperson of the Steering Committee for Engineering the Future of Work in India, an initiative by IET, between 2019-21. In her latest initiative, she is combining her experience of being a global citizen, her passion for the future of work, and experience of having trained three generations of business leaders to address leadership challenges and concerns post-pandemic. In June 2022, Mandeep was awarded an honorary Doctorate (PhD) in Leadership & Transformation by Ecole Superieure Robert De Sorbon Université in France “based on her relentless pursuit of excellence and ability to touch the professional lives of many.

Mr. Ranjit Jayant Shah
Nominee Director

Mr. Ranjit Jayant Shah is an Investor Director of the Bank. He holds a Bachelor’s degree in electrical engineering from Indian Institute of Technology, Bombay and a Master’s degree in business administration from the University of Michigan.He has several years of experience in sectors including private equity and financial services.He also Co-founded and is currently a managing partner at Gaja Advisors Private Limited, which goes by the trade name Gaja Capital.

Mr. Baskar Babu Ramachandran
Managing Director and Chief Executive Officer

Mr. Baskar Babu Ramachandran is the Managing Director and Chief Executive Officer of the Bank. He promoted Suryoday Micro Finance Pvt Ltd. in 2008 and was the Managing Director of the Company which got converted into the Bank in January 2017. He has been the Managing Director and Chief Executive Officer of the Bank w.e.f. January 23, 2017. He was re-appointed for period of three years from January 23, 2020 with the approval of the Reserve Bank of India (RBI) and the members of the Bank vide Special Resolution passed at the Extra Ordinary General Meeting held on July 27, 2020. He holds a Bachelor’s degree in Mechanical Engineering from the University of Madras and a Master’s degree in Business Administration from Pondicherry University. He has participated in the management development programme for strategic management for corporate leadership conducted by Indian Institute of Management, Calcutta. He has several years of experience in the banking and finance sector. Prior to co-founding Suryoday Micro Finance Private Limited, he was associated with various companies including GE Capital Transportation Financial Services Limited as the Vice-President- Quality and Operations and HDFC Bank Limited as Assistant Vice President.


Institutional Investors


Development / Impact Funds


Private Equity


IDFC First Bank and Kotak Mahindra Life Insurance Company Limited is also Investors.

Contact Details

Contact Email
For Institutional Investors inv.relations@suryodaybank.com
For Other Shareholders shr.relations@suryodaybank.com


Agency Category Rating
ICRA Sub-Debt A(Stable)
ICRA CD Rating A1+
CRISIL CD Rating A1+


  • 26th March 2021, IPO launched.
  • Listed at NSE & BSE
  • Gross loan portfolio of ₹ 37,108.42 million with 477 branches and over 1.46 million customers as on March 31, 2020
  • Investments by Kotak Mahindra Life Insurance Company Limited and Teachers Insurance and Annuity Association of America in our Bank
  • Expansion in the secured loan portfolio
  • Investments by DEG in our Bank
  • Received long-term rating of ‘[ICRA]A’ from ICRA and short-term rating of ‘A1+’ from CRISIL and short-term rating ‘[ICRA]A1+’ from ICRA
  • New cluster of retail assets to provide finance for commercial vehicles, housing, MSME and loan against property upon initiating SFB operations
  • Received rating of ‘[ICRA]A1’ for certificate of deposit programme from ICRA
  • Commenced operations as an SFB in January 2017
  • Included in second schedule to the RBI Act
  • Investment by Evolvence India Fund II Ltd, ResponsAbility Participations Mauritius, Jhelum Investment Fund I, Gaja Capital Fund II Limited, TVS-Shriram Growth Fund, and New Tech Investments Limited in our Bank
  • Received rating of ‘[ICRA]A(-)’ for non-convertible debenture programmes from ICRA
  • Received RBI final Approval to commence its SFB operations
  • Investment by IDFC FIRST Bank Limited (previously known as IDFC Bank Limited), Polaris Banyan Holding Private Limited, ASK Pravi Capital Advisors Private Limited, Dr. Aaravind Srinivasan and Kiran Vyapar Limited in our Bank
  • We became a public limited company in June 2015
  • 159 branches and 0.49 million customers as on March 31, 2015
  • Received in-principle approval from RBI to establish an SFB
  • Investment by DWM (International) Mauritius Ltd in our Bank
  • Investment by IFC in our Bank
  • Received listing permission from BSE in wholesale debt segment to issue debt securities
  • Investment by Lok Capital II LLC in our Bank
  • Investment from HDFC Holdings Limited and HDFC Standard Life Insurance Company Limited in our Bank
  • Received RBI license for establishing an NBFC and commenced microfinance operations
  • Investment by Aavishkaar Goodwell India Micro Finance Development Company Limited in our Bank
  • Incorporation of Suryoday Micro Finance Private Limited, founded and promoted by Baskar Babu Ramachandran, Ganesh Rao and V. L. Ramakrishnan

Our Bank Branch Network

Corporate & Registered office
Suryoday Small Finance Bank Limited

1101, Sharda Terraces,
Plot 65, Sector 11, CBD Belapur,
Navi Mumbai- 400 614
Email: info@suryodaybank.com

State wise Inclusive Finance Branch Network. Please Click Here.
List of Branches Offering Doorstep Banking. Please Click Here.

Work With Us

Suryoday Small Finance Bank (Suryoday SFB), offers exciting career opportunities. Everyone who works at Suryoday shares a commitment to helping the customers we serve. Our values and operating principles drive our business decisions, guide our activities and focus our resources. Suryoday SFB welcomes those who feel excited to be part of our journey as customer friendly bank & welcomes those who can commit to the goal of uplifting lives of its customer by offering a right product. And during this journey we help you to achieve your own career goals.

We Offer
01 Ample opportunities to challenge your mind.
02 Sound rewards & recognition
03 Opportunities to enhance your skills and leadership traits
04 An open and friendly work environment

The Suryoday Way

Suryoday A Bank of Smlies – We aim to be a reason for our customer’s smiles

Customers are at the heart of our business. By using our skills, resources and people effectively we believe we can deliver superior experience for our customers.

We will create the best customer experience by continuing to rebuild trust with our customers, providing a reliable, consistent and convenient service. We will transform our digital capability, providing customers with simpler, seamless interactions across online, mobile and bank branches and improving the efficiency of products and services.

Corporate Social Responsibility

In 2013, the government of India passed Section 135, mandating companies with a certain turnover to spend 2% of their average profit for the past three years on corporate social responsibility (CSR). Driving the passage of the law was the intent to have the country’s businesses actively participate in the social development of the country.

Over a decade has passed since the law came into effect and CSR has emerged as an active participant in shaping India’s development history: while India surges forward economically on one hand, it also confronts developmental challenges that affect the length and breadth of the country.

Suryoday Small Finance Bank has been at the helm of financial inclusion since 2008. As a responsible lender, it has always deemed financial literacy important. The bank’s Corporate social responsibility (CSR) initiatives focused on financial literacy initiatives. Post COVID Pandemic Bank revisited it’s CSR strategy to focus on “Building Resilient Communities” by focusing on different interconnected thematic areas which include:

  • Financial, Banking & Digital literacy
  • Preventive & Reproductive Health
  • Access to social security benefits
  • Livelihoods
  • Community Development
  • Environment
List of Programs for FY 2021-2022 - Click here

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Suryoday Small Finance Bank Ltd. CIN No: L65923MH2008PLC261472
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