Page 2 - Small Finance Bank

Fino Payments looking to upgrade to small finance bank, says MD Gupta

Fino Payments Bank is keen to become a small finance bank after having completed five years of operations, Managing Director Rishi Gupta said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after Airtel Payments Bank, India Post Payments Bank and Paytm Payments Bank. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in t

Sebi returns draft papers of BVG India, Fincare Small Finance Bank

Markets regulator Sebi has returned the preliminary IPO papers of two companies -- BVG India and Fincare Small Finance Bank India. Integrated services company BVG India Ltd had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through an initial public offering (IPO). The firm's proposed IPO comprises fresh issue of equity shares worth up to Rs 200 crore and an offer-for-sale (OFS) of up to 71,96,214 shares by promoters and private equity investor 3i Group. In another update on Sebi's website, the markets watchdog has returned the draft papers of Fincare Small Finance Bank. Last year in August, the company had refiled its preliminary papers with markets regulator to raise funds through IPO as Sebi's one-year approval given to the lender to launch the issue expired in July. Under the rules, a firm gets one year to hit the primary market after receiving an approval from Sebi. In case a firm fails to

ESAF SFB refiling draft papers for IPO, will finish process by Dec

Issue size to smaller than earlier plan of Rs 998 crore, says company's CEO

Bank of India launches special deposit scheme; raises interest on others

Apart from the special deposit scheme, Bank of India has raised interest rate on its existing 555-days fixed deposit scheme to 6.30 per cent

'Brand Aamir' in the soup over ad controversy. Can he bounce back?

Actor facing flak for ad for AU Small Finance Bank; not new to controversy, which could affect brand value, say experts

RBI prescribes norms for small finance banks looking to deal in forex

Criteria for entering the forex business include profit in the preceding two years and net NPAs not being more than 6% in the previous four quarters

Unity Small Finance Bank appoints Inderjit Camotra as MD and CEO

Unity Small Finance Bank is a new age, digital first bank which was recently elevated to a 'Scheduled Bank' and was included in the Second Schedule of the RBI Act.

Equitas SFB MD & CEO P N Vasudevan announces decision to leave bank

The executive who founded the lender will continue in his post till a successor is found.

On-tap licence: Sachin Bansal, five other applicants rejected by RBI

11 entities had applied for on-tap bank licences since the guidelines were released by the Reserve Bank of India

Equitas SFB gross advances up 15% to Rs 20,648 cr in FY22; deposits up 16%

Equitas Small Finance Bank (SFB) on Wednesday said its gross advances witnessed a 15 per cent year-on-year growth on a provisional basis to Rs 20,648 crore for the fiscal ended March 2022.

RBI approves Vinod Rai's appointment as independent chairman of Unity SFB

Apart from Rai, the SFB has appointed RBI veteran Sandip Ghose, former CMD of erstwhile Syndicate Bank Basant Seth, and former RBL Bank chief Subhash Kutte to its board

PMC Bank merger with Unity Small Finance Bank awaits govt approval

The proposed merger of debt-ridden Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank is being examined and the process of amalgamation will start after the government approval

Centrum-Bharatpe JV small finance bank to begin operations shortly

The first branch of Unity Small Finance Bank, joint venture between Centrum Group and Bharatpe, will be up and running shorty from city with Rs 1,500 cr growth capital and a Rs 1,300-cr loan book

RBI issues SFB licence to Centrum-BharatPe consortium

'Unity Small Finance Bank' will start with at least Rs 1,500-cr loan book, says Centrum

RBI receives two more applications for SFB licence

Cosmea Financial Holdings Pvt Ltd and Tally Solutions Pvt Ltd have applied to the RBI for an SFB licence

Equitas SFB Q1 profit dips 79% to Rs 12 cr over restructured accounts

Equitas Small Finance Bank (ESFB) on Friday reported 79 per cent fall in net profit at Rs 12 crore for June quarter 2021-22 on account of provisions for restructured accounts.

Borrowing cost up 1.2-1.5% for small finance cos despite liquidity: Crisil

The second Covid-19 wave has likely intensified the pressure points

Given nod to set up small finance bank to take over PMC Bank: RBI to HC

A senior advocate representing the RBI said this will ease the trouble faced by the bank's customers who are unable to withdraw their money

RBI has given us 120 days to operationalise SFB: Centrum's Jaspal Bindra

In an exclusive interview with Business Standard, Jaspal Bindra, executive chairman of Centrum group said it has committed Rs 1,800 cr capital to the SFB, Rs 900 cr of which will come in first year

Four entities apply for universal bank, four others for SFB licence

Entity backed by Flipkart co-founder Sachin Bansal announced its intent for universal bank in Jan 2020