Money & Banking

Fincare SFB, Kookmin Bank included in second schedule of RBI Act

PTI Mumbai | Updated on June 06, 2019 Published on June 06, 2019

Fincare Small Finance Bank and Kookmin Bank have been included in the second schedule of the Reserve Bank of India Act, according to RBI notifications.

Fincare Small Finance Bank was included in the Second Schedule to the Reserve Bank of India Act vide notification dated March 28, according to an RBI notification on Thursday.

The central bank in a separate notification said Kookmin Bank has been included in the Second Schedule vide notification dated April 4.

Fincare Small Finance Bank in a statement said that as a Scheduled Commercial Bank, it can now broadbase its lines of funding and liquidity facilities.

The bank can issue certificates of deposits and get access to interbank borrowings at competitive interest rates, enabling it to bring down its cost of funds, the bank said on Thursday.

Besides, it can also get deposits from new sources such as governments, public sector undertakings, corporates, mutual funds, insurance companies and other market participants.

“This status will help us expand our liabilities base at more competitive rates - be it through new instruments such as CDs, access to new sources of liabilities such as mutual funds, government and public sector institutions, or through access to the RBI’s facilities for liquidity management,” said Rajeev Yadav, the MD & CEO of Fincare Small Finance Bank.

Fincare SFB, earlier Disha Microfin, was one of the 10 entities to receive the Small Finance Bank licence from the RBI in September 2015 and commenced banking operations in July 2017.

Published on June 06, 2019

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