RBI grants a Banking Licence to Unity Small Finance Bank
The Reserve Bank of India (RBI) has issued a Small Finance Bank (SFB) licence to ‘Unity Small Finance Bank’ - a consortium of Centrum Financial Services Limited (CFSL), the small business lending arm of the Centrum Group, and Resilient Innovations Private Limited (BharatPe), a fintech company.
- This new bank license has been issued by the RBI after a gap of nearly 6 years.
- RBI had accorded “in-principle” approval to CFSL, a wholly owned subsidiary of Centrum Capital, on June 18 to set up a small finance bank (SFB).
- The grant of banking licence to USFBL sets the stage for RBI to place in the public domain a draft scheme of amalgamation of PMC Bank with the SFB.
- With the establishment of USFBL, the number of SFBs in the country goes up to 12.
- Rajnish Kumar, former Chairman of State Bank of India, has been appointed on its Board. He will also be the Chairman of the Board.
Other Small Finance Banks
- Au Small Finance Bank Ltd.
- Capital Small Finance Bank Ltd
- Fincare Small Finance Bank Ltd.
- Equitas Small Finance Bank Ltd
- ESAF Small Finance Bank Ltd.
- Suryoday Small Finance Bank Ltd.
- Ujjivan Small Finance Bank Ltd.
- Utkarsh Small Finance Bank Ltd.
- North East Small finance Bank Ltd
- Jana Small Finance Bank Ltd
- Shivalik Small Finance Bank Ltd
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