Centrum, BharatPe gets licence for small finance bank
Centrum's lending operation (small business loans and microfinance) would be integrated into the bank in the first phase.
BharatPe would also sell some assets to it.
The Reserve Bank of India (RBI) gave a small finance bank licence to a consortium of Centrum Financial Services Ltd and Resilient Innovations Pvt. Ltd (BharatPe), according to Centrum Financial Services Ltd and Resilient Innovations Pvt. Ltd (BharatPe).
‘Unity Small Finance Bank’ as the new SFB will be called, is the first new bank licence in six years.
The consortium received in-principle permission from the RBI earlier this year on the condition that they acquire the business of Punjab & Maharashtra Cooperative (PMC) Bank and help it resolve. Centrum’s lending operation (small business loans and microfinance) would be integrated into the bank in the first phase. BharatPe would also sell some assets to it.
BharatPe, on the other hand, announced that it had appointed the former SBI chairman as its chairman.
Published: October 13, 2021, 16:35 IST
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