The Bank was originally incorporated as Suryoday Micro Finance Private Limited at Chennai, Tamil Nadu, as a private limited company under the Companies Act, 1956 pursuant to the certificate of incorporation dated November 10, 2008 issued by the Assistant Registrar of Companies, Tamil Nadu, Andaman and Nicobar Islands at Chennai. Subsequently, the Bank was converted into a public limited company and the name of the Bank was changed to Suryoday Micro Finance Limited, and a fresh certificate of incorporation dated June 16, 2015 was issued by the RoC. the Bank was granted the in-principle and final approval to establish an SFB by the RBI, pursuant to its letters dated October 7, 2015 and August 26, 2016, respectively. Pursuant to the Bank being established as an SFB, the name of the Bank was changed to Suryoday Small Finance Bank Limited and a fresh certificate of incorporation was issued by the RoC on January 13, 2017. the Bank commenced its business with effect from January 23, 2017 and was included in the second schedule to the RBI Act pursuant to a notification dated July 24, 2017 issued by the RBI and published in the Gazette of India on September 2, 2017.
Major events and milestones of the Bank : 2008 - Incorporation of Suryoday Micro Finance Private Limited, founded and promoted by Baskar Babu Ramachandran, Ganesh Rao and V. L. Ramakrishnan
2009 - Received RBI license for establishing an NBFC and commenced microfinance operations - Investment by Aavishkaar Goodwell India Micro Finance Development Company Limited in the Bank
2012 - Investment from HDFC Holdings Limited and HDFC Standard Life Insurance Company Limited in the Bank
2013 - Investment by Lok Capital II LLC in the Bank
2014 - Investment by IFC in the Bank - Received listing permission from BSE in wholesale debt segment to issue debt securities
2015 - 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 the Bank
2016 - 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. Aravind Srinivasan and Kiran Vyapar Limited in the Bank
2017 - 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 the Bank
2018 - A 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
2019 - Investments by DEG in the 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
2020 - Gross loan portfolio of ? 37,108.42 million with 477 branches and ~ 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 the Bank.
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