Mumbai: Guwahati-headquartered RGVN Microfinance (North East) Ltd has received the final licence from Reserve Bank of India (RBI) to set up a small finance bank.
The upcoming small finance bank plans to start operations by May, according to Rupali Kalita, managing director of RGVN.
At the end of the December quarter, RGVN had a loan portfolio of Rs583 crore, registering a 63% growth year on year. It has 136 branches spread across Assam, Arunachal Pradesh, Meghalaya, Nagaland, Tripura, West Bengal and Sikkim.
RGVN had cut the foreign stake in the firm last month from 68% to 48% by raising Rs109 crore from investors including Ratan Tata and SIDBI Trustee Co. Ltd.
Six entities have so far commenced operations among 10 small finance bank licence holders. AU Financiers Ltd, Janalakshmi Financial Services Ltd, Disha Microfin Ltd are preparing to start operations.