Capital Small Finance Bank, the first small finance bank in India, has launched operations in the country, after receiving in-principle nod from the Reserve Bank of India (RBI) in September 2015.
The bank, which will offer basic banking services and will remain open seven days a week, has initially started operations with 10 branches.
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Capital Small Finance Bank managing director Sarvjit Singh Samra said that the bank has already received the green light to open 27 branches in 2016.
The bank intends to strengthen its branch network in Punjab in this year, and plans to expand to the neighbouring states in the initial period, Samra added.
Since 2000, the bank has been operating under the name Capital Local Area Bank with 47 branches in Punjab. The branches were spread out across the districts of Jalandhar, Hoshiarpur, Kapurthala, Amritsar and Ludhiana.
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