Jalandhar-based Capital Local Area Bank has become the first entity to receive the Reserve Bank of India‘s licence to start operations as a small finance bank.
In september 2015 Reserve Bank of India granted in-principle licences to 10 applicants to set up small finance banks, including Capital Local Area Bank. The small finance bank will undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, marginal farmers and unorganised sector entities.
AS per Sarvjit Singh Samra, managing director of Capital Local Area Bank plans to start its small finance bank operations on April 13.
- It plans to open 10 new branches on the first day, and plans to keep all its branches open for all seven days a week.
- In the next five years the bank plans to have 216 branches and total business of Rs 11,800 Cr.
So lets do:
Who is the Governor of Punjab?
How much banks granted in-principle licences From Reserve Bank of India in sep 2015?
Source – business standard