The small finance bank, a 100 per cent subsidiary of the Ujjivan Financial Services Ltd, had commenced its operation in February 2017.
The Reserve Bank of India (RBI) had stipulated that the bank should be listed within three years from the date of commencement of its operations, that is, by January 31, 2020 and to maintain at least 40 per cent promoter shareholding in the bank for a period of five years from the date of commencement of the business of the bank, that is until January 31, 2022.
"We had gone to RBI seeking permission to reverse merging (holding company to get merged into the bank) after three years of operations. But the apex bank did not allow us," bank's MD and CEO Samit Ghosh said here.
The apex bank, however, reiterated that it should comply with all the requirements of the Guidelines for Licensing of Small Finance Banks, dated November 27, 2014 and the terms and conditions of the banking licence, he said.
"We have enough time and it should not be a problem. We are exploring various options. Hopefully, we will figure out the best option by December-end for timely listing of the bank," Ghosh said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)