The Reserve Bank of India (RBI) has granted “in-principle” approval to Shivalik Mercantile Co-operative Bank Limited for transition into a Small Finance Bank (SFB). The transition into a SFB will be under the “Scheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank” issued on September 27, 2018.
The “in-principle” approval granted will be valid for 18 months to enable the applicant to comply with the requirements under the Scheme, the Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector and fulfil other conditions as stipulated by the RBI. On being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “in-principle” approval, the RBI would consider granting it a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949 as a SFB.
Important takeaways for all competitive exams:
Source: The Reserve Bank of India
India is preparing for a major shift in its trade and automobile policy. As negotiations…
The 77th Republic Day Parade in New Delhi became a unique blend of history, art,…
The Government of India Act, 1935 marked a major constitutional experiment under British rule. Enforced…
India marked its 77th Republic Day with a spectacular parade that blended military strength, cultural…
The Beating Retreat Ceremony is a grand military tradition that marks the formal conclusion of…
The 42nd Constitutional Amendment Act, 1976 is one of the most significant changes ever made…