MUMBAI (Reuters) - India's central bank has selected 10 companies to set up small finance banks aimed at giving loans to those who struggle to get finance from traditional banks, including farmers and small businesses, the Reserve Bank of India said on Wednesday.
Au Financiers (India) Ltd, Capital Local Area Bank Ltd, Ujjivan Financial Services Pvt Ltd were among the 10 companies who were given "in-principle" approvals for small finance bank permits, the RBI said. http://bit.ly/1NwOCEU
Existing non-bank finance companies, local area banks and micro-finance institutions were eligible to apply for the small finance bank permits.
(Reporting by Devidutta Tripathy, editing by Louise Heavens)