Shivalik Small Finance Bank starts operations

Shivalik Small Finance Bank has commenced operations as a small finance bank, effective Monday, the Reserve Bank of India said.

“The Reserve Bank has issued a licence to the bank...to carry on the business of small finance bank in India,” the RBI said in a release.

In January last year, the central bank had given an in-principle approval to the Uttar Pradesh-based urban co-operative bank for transition into a small finance bank.

The RBI had issued the 'Scheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank' in September, 2018.

There are 10 another small finance banks in the country.