In September 2023, UPI was given this role to be used as a funding account by commercial banks; payments banks, SFBs and RRBs, however, were excluded from this.
AU is first Small Finance Bank to submit application to RBI to voluntarily convert itself to a universal bank; move to allow the SFB to expand its reach and services.
Despite RBI allowing on-tap licensing, CEOs of small finance banks say they would lower their unsecured loan portfolio before transitioning to universal banks.
RBI approves appointment of Sanjeev Nautiyal as MD and CEO of Ujjivan Small Finance Bank; replacing Ittira Davis, he will have a tenure of three years from 1 July.
RBI sets norms for voluntary transition of small finance banks to universal banks; includes minimum net worth of Rs 1,000 crore, net profit in last two financial years, low NPA ratio and diversified loan portfolio.
AU Small Finance Bank has launched a slew of products, including Rupay credit card and ATM insurance, aimed at boosting fee income.
The merger is effective 1 April. All branches of Fincare Small Finance Bank will function as branches of AU Small Finance Bank.
RBI approves re-appointment of Ajay Kanwal as MD and CEO of Jana Small Finance Bank for three years; new tenure from 21 March 2024 till 20 March 2027.
Jana Small Finance Bank’s IPO received bids for 18,71,96,580 shares as against 1,01,16,284 shares on offer.
Jana Small Finance Bank has raised Rs 166.95 crore from anchor investors, a day ahead of its IPO opening.
Jalandhar-based Capital Small Finance Bank has raised Rs 156.92 crore from anchor investors a day before the IPO opening.
Ujjivan Small Finance Bank reports small rise in net profit for quarter ended December 2023 over year-ago period while deposit and loan growth remains strong.
Fino Payments Bank has a net worth of Rs 600 crore, much higher than the minimum capital requirement of Rs 200 crore for SFBs.
ESAF Small Finance Bank allocates 2,25,24,998 equity shares at Rs 60 per share to 11 anchor investors; this is at upper end of IPO price band.
ESAF Small Finance Bank will soon refile its IPO document but cut size of float by half to Rs 500 crore in face of volatile market conditions, CEO K Paul Thomas told Indianbankingnews.com.
