India’s Capital Local Area Bank has received the final licence from the Reserve Bank of India (RBI) to start operations as the country’s first small finance bank.
The lender, which currently operates as a local area bank, is the first among the 10 applicants to secure the final licence from RBI.
The bank will start operations as a small finance bank on 13 April 2016 under the name Capital Small Finance Bank.
The regulator had given the green light to launch small finance banks on 27 November 2014, and in September last year had given in-principal nod to 10 entities, including Capital Local Area Bank, to set up small finance banks.
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