Money & Banking

Capri Global Capital plans to apply for Small Finance Bank licence

Mumbai | Updated on July 31, 2020 Published on July 31, 2020

The board of directors of Capri Global Capital, on Friday, granted in-principle approval to explore the possibility of applying for a Small Finance Bank (SFB) licence.

The non-banking finance company, in a regulatory filing, said the board “in-principally approved to explore the possible opportunities to apply and register the company as Small Finance Bank under the Banking Regulation Act, 1949…subject to such regulatory/statutory approvals, as may be required”.

The company said it will promptly update to the exchangesregarding any further developments on the matter.

This development comes in the backdrop of the Reserve Bank of India issuing guidelines for ‘on-tap’ licensing of SFBs in the private sector in December 2019.

As per the guidelines, an SFB needs to have a minimum paid-up voting equity capital / net worth requirement of ₹200 crore.

Meanwhile, Capri Global Capital has reported a 9 per cent increase in standalone net profit at ₹35 crore in the first quarter ended June 30against ₹32 crore in the year-ago period.

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Published on July 31, 2020
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