Advertisement
Thursday, Jun 30, 2022
Outlook.com
Outlook.com

Centrum-BharatPe's Unity Small Finance Bank Begins Operations

The apex banker informed that the promoter of the Unity Small Finance Bank Limited, Centrum Financial Services was granted an 'in-principle approval to set up a small finance bank on June 18.

Centrum-BharatPe's Unity Small Finance Bank Begins Operations
Centrum-BharatPe's Unity Small Finance Bank Begins Operations
outlookindia.com
2021-11-01T18:36:24+05:30

The Reserve Bank of India informed on Monday that Unity Small Finance Bank has commenced operations as a small finance bank (SFB), with effect from November 1. It has been issued a licence under Section 22 (1) of the Banking Regulation Act (1949) for operating as an SFB  in India. 

The apex banker informed that the promoter of the Unity Small Finance Bank Limited,  Centrum Financial Services was granted an 'in-principle approval to set up a small finance bank on June 18. 

On October 12, the Reserve Bank of India issued an SFB license to the BharatPe-Centrum consortium. The SFB was named ‘Unity Small Finance Bank’. It was to take over assets and liabilities of the Punjab and Maharashtra Co-operative Bank (PMC Bank). 

Former State Bank of India (SBI) Chairman Rajnish Kumar would preside as the chairman of the BharatPe board. He had completed his tenure as the chairman of SBI in October 2020. 

The approval was in response to an expression of interest announced by PMC Bank as part of its reconstruction plans in 2020. RBI said it received multiple proposals but found Centrum Financial Services and BharatPe's proposal most feasible. 

A joint release issued by Centrum and BharatPe had informed that Centrum's MSME and microfinance business would be integrated into the newly constituted Unity Small Finance Bank.

 

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement