Amid stress in microfinance sector, ESAF Small Finance Bank decides to sell pool of non-performing and written-off loans to ARCs.
Jana Small Finance Bank has formally applied to the Reserve Bank of India seeking approval to transition into a universal bank.
Private equity firm TA Associates sells its entire 1.26% stake in AU Small Finance Bank for Rs 714 crore via open market transaction.
Ujjivan Small Finance Bank becomes second small finance bank after AU SFB to apply to the RBI for a universal banking licence.
RBI imposes penalties on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliances.
RBI tells some small finance banks who have high concentration risks and rising stress in asset quality to explore mergers; stress in microfinance sector also pinches SFBs.
AU SFB has already applied to RBI for transition to universal bank; Jana SFB is expected to also apply in the current calendar year.
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.
