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Utkarsh MF gets RBI nod for small finance bank

Press Trust of India  |  Mumbai 

Utkarsh Micro Finance today said it has received final nod from the Reserve to start operations as small finance bank.

The new bank is likely to start operations by early 2017, the micro financier said in a statement here today.

"We will continue to be committed to the mission of financial inclusion and offer wide range of products to the people," the MFI's MD and CEO said.

Utkarsh Micro finance is among the 10 entities which has received RBI's in-principle approval to set up small finance banks.

The new SFB will be named as Utkarsh Small Finance Bank, it said.

The Varanasi headquartered MFI has operations in Uttar Pradesh, Bihar, Jharkhand, Maharashtra, Madhya Pradesh, Chhattisgarh, Delhi-NCR, Uttarakhand, and Himachal Pradesh.

Currently, it is serving over 1.2 million clients with a portfolio of over Rs 1,809 crore.

Earlier this month, Ujjivan had received final license from the RBI for small finance bank and is also likely to commence operation by early 2017.

The other entities which received RBI's nod for small finance bank includes Equitas Holdings, Au Financiers, Capital Local Area Bank, Disha Microfin, ESAF Microfinance, Janalakshmi Financial, RGVN Microfinance, Ujjivan Financial Services and Suryoday Micro Finance.

So far, Equitas and Capital Small Finance Bank has started operations.

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

First Published: Mon, November 28 2016. 17:28 IST