First small finance bank Kicked off its operation

First small finance bank Kicked off its operation . India’s first small finance bank Capital Small Finance Bank Ltd, has commenced operations with 10 branches from November 12 2016 in Jalandhar ,Punjab.The bank ceases to exist with effect from April 24, 2016.Capital Local Area Bank . In the current fiscal, the bank would consolidate in Punjab by adding 29 branches. The bank’s business is projected to increase four-fold

from Rs 3,000 crore as on March 31, 2016 to Rs 12,000 crore and branch network to 216 by March 2021. The RBI had granted approval to 11 entities for launching payments banks in August 2015. It had given approval to IDFC and Bandhan to start universal banks last year.