RBI grants a Banking Licence to Unity Small Finance Bank

• 14 Oct 2021

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

1. Au Small Finance Bank Ltd.
2. Capital Small Finance Bank Ltd
3. Fincare Small Finance Bank Ltd.
4. Equitas Small Finance Bank Ltd
5. ESAF Small Finance Bank Ltd.
6. Suryoday Small Finance Bank Ltd.
7. Ujjivan Small Finance Bank Ltd.
8. Utkarsh Small Finance Bank Ltd.
9. North East Small finance Bank Ltd
10. Jana Small Finance Bank Ltd
11. Shivalik Small Finance Bank Ltd