10 entities, including Ujjivan Financial Services and Equitas Holdings, on Wednesday got RBI’s approval to set up Small Finance Banks to provide basic banking services to small farmers and micro indus-tries. Other entities to get the Reserve Bank’s nod are Au Financiers (Jaipur), Capital Lo-cal Area Bank (Jalandhar), Disha Microfin (Ahmedabad), ESAF Microfinance (Chen-nai), Janalakshmi Financial (Bengaluru), RGVN (North East) Microfinance (Guwa-hati), Suryoday Micro Finance (Mumbai) and Utkarsh Micro Finance (Varanasi). The “in-principle” approval will be valid for 18 months to enable these entities comply with the guidelines on Small Finance Banks, RBI said in a statement.
Business & Economics
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India
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