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.
BREAKING NEWS
TECHNO TRENDS
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
E-Magazine
TECHNOTAINMENT
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
Miss World 2024: Krystyna Pyszková of the Czech Republic wins
Krystyna Pyszková of the Czech Republic has been crowned as the 71st Miss
MOVERS & SHAKERS
Brillio appoints Ashish Singh to its Board of Directors
Brillio has announced that Ashish Singh has been appointed to the company
JSW One Platforms ropes in Dr Ranjan Pai as Independent Direct
JSW One Platforms, part of US$23 billion JSW Group has appointed Dr Ranjan
OPEN YOUR EYES
INTERVIEWS
Forcepoint positions itself as a trusted protector of sensitiv
To help SMEs and SMBs use the SASE/SSE framework and scale both in terms of
AMD Pensando innovation CONTINUES
In 2022, AMD announced its acquisition of Pensando Systems, an addition to
HOT PICK
HP launches first laptop in India with Microsoft CoPilot butto
HP has launched sleek and stylish Envy x360 14 laptops in India which beco
OnePlus debut its Nord CE4 smartphone
OnePlus Nord CE4 continues the trend of attention-grabbing design with two
MAKE IN INDIA BRANDS
EXIDE INDUSTRIES LTD.
LENOVO GROUP LTD.
DELL TECHNOLOGIES INDIA PVT. LTD.
WIPRO LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Rishad Premji
Rishad Premji is the son of the Wipro head Azim Premji and was named a...
Technology Icons Of India 2023: Honorary Prof. N. Balakrishnan
Prof. N. Balakrishnan is an Indian aerospace and computer scientist. H...
Technology Icons Of India 2023: Mukesh D. Ambani
An Indian billionaire businessman Mukesh Dhirubhai Ambani is currently...
PARTNER SPEAKERS
PSU
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
NPCI leading India towards Digital payments
The National Payments Corporation of India (NPCI) is an initiative tak...
VIDEOS
Top 25 Brands
Value-Added Distribution
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
INTEGRA MICRO SYSTEMS PVT. LTD.
Integra is a leading provider of innovative hi-technology products an...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
