 "Utkarsh Micro Finance gets RBI's final nod for SFB")
Utkarsh Micro Finance, a MFI, has received final licence from The Reserve Bank of India (RBI) to start operations as Small Finance Bank (SFB).
The new SFB will be named as 'Utkarsh Small Finance Bank Ltd' and is likely to start banking operations in early 2017, the company said in statement.
In October 2015, Utkarsh Micro Finance had got the "in-principle" approval to set up SFB as per the guidelines issued by the RBI.
The company has over 1.2 Mn active clients with over Rs 17.70 crore of portfolio outstanding as at the end of the second quarter (September 2017).
Incorporated in 2009, Varanasi-based Utkarsh Micro Finance is among the top 10 micro finance companies in the country with operations in ten states.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app