Centrum-BharatPe backed Unity Small Finance Bank commences operations

The banking entity aims to be the digital-first bank

With all regulatory approval in place, Unity Small Finance Bank (Unity Bank), on Monday commenced operations with a capital base of Rs 1,100 crore.  

The banking entity, promoted by Jaspal Bindra-led Centrum Group and Resilient Innovations Private Ltd (BharatPe), aims to be the digital first bank.

The bank will begin with total assets of about Rs 2,400 crore, active customer base of over 0.2 million, 145 offices including a branch in Centrum House, Mumbai.

It received final approval from the Reserve Bank of India (RBI) on October 12, 2021. Earlier in June 2021, banking sector regulator had granted an ‘in-principle’ approval to Centrum to set up SFB. It will take over troubled Punjab and Maharashtra Co-operative Bank (PMC) through amalgamation process.

Jaspal Bindra, Executive Chairman, Centrum Group, said the bank is well capitalised, significantly higher than the minimum regulatory requirement, giving the platform to build a robust technological infrastructure, hire the best talent.

With the capitalisation and approvals in place, the focus will be on building tech-first products that will redefine the way India banks, said Ashneer Grover, Co-Founder and Managing Director, BharatPe.