Utkarsh Micro Finance gets final nod to set up Small Finance Bank

Utkarsh Micro Finance gets final nod to set up Small Finance Bank , After Ujjivan Small Finance Bank got final license from RBI for its set up in November, Utkarsh Micro Finance has also received final license from RBI to start operations as Small Finance Bank (SFB). It is one of the 10 entities that got in-principle approval to set up Small Finance Bank in September last year. Utkarsh Micro Finance gets

final nod to set up Small Finance Bankiii. The new SFB will be named as ‘Utkarsh Small Finance Bank Ltd.’ and is likely to start banking operations in early 2017.

What are small banks?

The small finance bank will primarily undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities.