RBI issues SFB licence to Centrum and BharatPe
By MYBRANDBOOK
The Reserve Bank of India has today issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services Limited (Centrum), the established and profitable small business lending arm of the Centrum Group and Resilient Innovations Private Limited (BharatPe), one of India's fastest-growing fintech companies.
The new SFB has been integrated as 'Unity Small Finance Bank'. It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver an impeccable digital experience.
The consortium confirmed in a joint statement that they have received RBI's final approval and that it is for the first time in six years that RBI has granted a banking licence to any entity.
Jaspal Bindra, chairman of the BSE-listed Centrum Capital notified that with the RBI issuing an SFB licence, the focus will shift to board formation and creating a top management team. The bank will become functional before the close of this year and will hopefully become India’s first digital bank.
Bindra-led Centrum Capital, the holding entity for CFSL, and its partner BharatPe, a payments system company, will infuse Rs 1,800 crore into the SFB. BharatPe will also move its loan assets to Unity SFB.
"I wish to thank RBI for entrusting the Unity of BharatPe and Centrum with the SFB License. We will work tirelessly and smartly to capture this opportunity and build India's first truly Digital Bank ground up." added Ashneer Grover, Co-Founder and Managing Director, BharatPe.
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