Categories: Banking

RBI grants banking licence to Unity Small Finance Bank

The Reserve Bank of India has granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India. It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.

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RBI had accorded “in-principle” approval to CFSL, a wholly-owned subsidiary of Centrum Capital, on June 18 to set up a small finance bank (SFB). Centrum’s MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.