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Suryoday, Utkarsh small finance banks commence operations

Press Trust of India  |  Mumbai 

Two small banks -- Suryoday and Utkarsh -- commenced operations today, the Reserve said.

With this, the number of small banks (SFBs) operating in has risen to four.

In September 2015, the RBI had issued in-principle approval to 10 SFB applicants.

Suryoday Micro Private Limited, Navi and Utkarsh Micro Finance Private Limited, Varanasi were among the 10 applicants.

Equitas Small Finance (ESFBL) and Capital Small Finance had started operations last year.

Small finance banks will offer basic services, accepting and lending to unserved and under-served sections including small business units, small and marginal farmers, micro and small industries, and entities in the unorganised sector, RBI said when it released guidelines for such banks in November.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 23 2017. 19:49 IST