Uttar Pradesh-based, Shivalik Mercantile Co-operative Bank (SMCB) has become the first urban co-operative bank (UCB) in India to receive a licence from RBI to operate as a Small Finance Bank (SFB). The RBI had given an 18-month timeline to commence business.
SMCB received the commercial banking license from banking regulator Reserve Bank of India (RBI) on January 06, 2021, to transition to an SFB, under the voluntary transition scheme. The Shivalik Small Finance Bank (SSFB) will start its banking operations from April 2021.
WARRIOR 4.0 | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams | Bilingual | Live Class
About Shivalik Small Finance Bank:
SSFB operates through 31 branches and over 250 banking agents in Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand with 400,000 customers. As on March 31, 2020, the total deposit base of the bank stood at Rs 1,140 crore and total advances stood at Rs 719 crore.
Important takeaways for all competitive exams:
For the sustainable water management and agricultural development, India's first Rock Check Dam has been…
In a significant political development in a state of Karnataka, as D.K. Shivakumar set to…
Central Government has give the additional charge of Secretary, Department of Defense Research and Development,…
Indian Railways has unveiled the redesigned 18 star logo mark the creation of the South…
The Kempegowda International Airport of Bengaluru has overtaken the Mumbai’s Chhatrapati Shivaji Maharaj International Airport…
The Ministry of Health and Family Welfare has released the National Family Health Survey-6 (NFHS-6)…