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The small finance bank shall be registered as a public limited company under the Companies Act, 2013. It will be licensed under Section 22 of the Banking Regulation Act, 1949 and governed by the provisions of the Banking Regulation Act, 1949; Reserve Bank of India Act, 1934; Foreign Exchange Management Act, 1999; Payment and Settlement Systems Act, 2007; Credit Information Companies ...
The small finance bank status provided the opportunity to expand Ujjivan's range of loan products, and also to accept deposits rather than relying on other financial institutions to provide funds for the loans. [10] Ujjivan received the final license from the Reserve Bank of India on 11 November 2016 to set up a small finance bank. [11]
The Reserve Bank of India issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949. [3] Prior to becoming a bank, the company was India's largest microfinance institution, Janalakshmi Financial Services, [4] founded July 24, 2006.
AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank [2] and India’s largest [3] tech-led [4] small finance bank, based in Jaipur.It was founded as vehicle finance company and NBFC, AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.
Having started its operations as an NGO in 1992 under the name of Evangelical Social Action Forum, ESAF Microfinance was a non-banking finance company and microfinance institution (NBFC-MFI), licensed by the Reserve Bank of India (RBI). It became a small finance bank in March 2017 and started operating in January 2018. [2]
After receiving license from the Reserve Bank of India (RBI) on 30 June 2016, [5] Equitas Small Finance bank began banking on 5 September 2016. [6] With effect from 4 February 2017, Equitas became a scheduled bank. [7] However, the company failed to meet the RBI's mandate of listing within three years of starting operations.
After providing in principle approval in September 2016, RBI granted the license to Capital Local Area Bank under Section 22(1) of the Banking Regulation Act, 1949 in 2016 and it started to operate from 24 April 2016 under the new brand name of Capital Small Finance Bank as the first Small finance bank of India.
On 19 August 2015, the Reserve Bank of India gave "in-principle" licences to 11 entities to launch payments banks. [12] The "in-principle" license was valid for 18 months within which the entities must fulfil the requirements and they were not allowed to engage in banking activities within the period. The RBI will grant full licenses under ...