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Uttar Pradesh-based Shivalik Small Finance Bank has commenced operations as a small finance bank with effect from April 26, according to the Reserve Bank of India.
It is the first bank in the country to transition from an Urban Cooperative Bank into a SFB under the RBI’s ‘Scheme on Voluntary Transition of Urban Co-operative Bank into a Small Finance Bank’, issued on September 27, 2018.
The RBI, in a statement, said it has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.
Shivalik Mercantile Co-operative Bank was granted an in-principle approval by the RBI for transition into a SFB on January 6, 2020.
Shivalik SFB’s area of operation is Uttar Pradesh, Delhi, and parts of Madhya Pradesh and Uttarakhand. As on March 31, 2020, the total business size of the bank was approximately ₹1,800 crore
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