North East Small Finance Bank has commenced banking operations in India following the receipt of licence from the Reserve Bank of India (RBI).
RGVN (North East) Microfinance, the promoter of North East Small Finance Bank, was among the 10 entities that secured in-principle nod from the RBI in September 2015 to launch small finance banks.
Go deeper with GlobalData
“The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India,” the central bank said in a statement.
The other entities that were granted the licence are – Au Financiers, Capital Local Area Bank , Disha Microfin, Equitas Holdings, ESAF Microfinance and Investments, Janalakshmi Financial Services, Suryoday Micro Finance, Ujjivan Financial Services and Utkarsh Micro Finance.
Small finance banks will be allowed to carry out basic banking operations such as accepting deposits and lending to unserved and underserved sections such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
