Mumbai: Ujjivan Financial Services Ltd’s subsidiary Ujjivan Small Finance Bank Ltd has received the final licence from Reserve Bank of India (RBI) to start operations, the company said in a statement to the BSE on Saturday.
It is the fourth entity to receive the final licence after Capital Small Finance Bank, Equitas Small Finance Bank and Suryoday Microfinance Pvt. Ltd. So far only Capital and Equitas have started operations.
Ujjivan plans to start operationsin the first quarter of the next calendar year, as reported by Mint on 29 September.
All small finance bank licence holders need to start operations by March next year before the in-principle approval lapses.