RBI gives in-principle nod to Centrum Financial Services to set up a small finance bank

On Friday, the Reserve Bank of India announced that it has given a ‘in-principle’ approval the Centrum Financial Services Limited (the applicant) to establish small finance bank.

In a statement, the central bank announced that considering the pre-requirements of the application, RBI may approve the licence for the initiation of banking business under Section 22 (1) of the Banking Regulation Act, 1949.

Further, the approval has been given to Centrum Financial Services Limited’s offer in particular undertaking dated February 1, 2021, in reply to the Expression of Interest notification dated November 3, 2020, published by the Punjab & Maharashtra Co-operative Bank Ltd., Mumbai.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.