Utkarsh Micro Finance gets RBI approval for small finance bank

Utkarsh Small Finance Bank is likely to start operations of its small finance bank by early 2017


Utkarsh Micro finance is among the 10 entities which had received RBI’s in-principle approval to set up small finance banks.
Utkarsh Micro finance is among the 10 entities which had received RBI’s in-principle approval to set up small finance banks.

Mumbai: Utkarsh Micro Finance Pvt. Ltd on Monday received the final licence from the Reserve Bank of India (RBI) to set up small finance bank.

Among 10 in-principle licence holders, six entities have received the final nod so far.

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Janalakshmi Financial Services Pvt. Ltd, Disha Microfin Pvt. Ltd, RGVN (North East) Microfinance Ltd and Au Financiers (India) Ltd are yet to receive the final nod.

All small finance bank licence holders need to start operations by March 2017 before the in-principle approval lapses.

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Capital Small Finance Bank and Equitas Small Finance Bank have started operations so far. Utkarsh intends to start operations by 14 January, Mint reported on 21 November.

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