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India's first small finance bank launched

Capital Small Finance Bank opens 10 branches in Punjab; to add nine more in FY17

India's first small finance bank launched

Capital Small Finance Bank, India's first small finance bank, was launched here on Sunday. It opened 10 new branches on its inaugural day. The Jalandhar-headquartered bank had been operating as Capital Local Area Bank since January 2000 with 47 branches in five districts of Punjab. It is among the 10 entities that were given the in-principle approval by the Reserve Bank of India (RBI) to set up small finance banks. While inaugurating the bank, Nirmal Chand, regional director of RBI, Chandigarh, said it was a historic day for the banking sector in India as it would be reckoned ...