Ujjivan Small Finance Bank (NSE:UJJIVANSFB, BOM:542904) has submitted the formal application to the Reserve Bank of India for a Universal Banking License, according to a Tuesday filing to the Indian stock exchanges.

On Jan. 23, the bank had received board approval to make an application to the RBI for the license that allows small finance banks to expand their operations and offer more services to customers.

Shares of the bank were down nearly 2% in recent trade.