Mumbai: Disha Microfin Pvt Ltd, part of Fincare Business Services, has received a licence from the Reserve Bank of India (RBI) to form a small finance bank.
All the 10 applicants that received in-principle approval from the RBI in September 2015 to open small finance banks have now received their licences.
According to a media statement, the new entity will be called Fincare Small Finance Bank and will start operations in July. Fincare Business Services, the promoter, has received Rs500 crore in funding from TA Associates, True North, Tata Opportunities Fund and LeapFrog Investments.
Disha Microfin had a loan portfolio of Rs1,406 crore at the end of December quarter.