The Reserve Bank of India (RBI) has issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services Limited (Centrum), the established and profitable small business lending arm of the Centrum Group and Resilient Innovations Private Limited (BharatPe), one of India’s fastest-growing fintech companies.
A new bank license has been issued after a gap of nearly 6 years, and we thank the RBI for the confidence shown in the abilities of Centrum and BharatPe, the statement said.
“The new SFB, has been incorporated as ‘Unity Small Finance Bank’. Unity as a name has tremendous significance on many counts for both Centrum and BharatPe. It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience,” the company said.
Centrum’s successful MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank, a statement added.
Commenting on the development, Jaspal Bindra, Executive Chairman, Centrum Group, said “We are delighted to receive the license and excited to partner with BharatPe to create this new age bank, with a strong team. We aspire to be India’s first Digital Bank.”
“I wish to thank RBI for entrusting the Unity of BharatPe and Centrum with the SFB License. We will work tirelessly and smartly to capture this opportunity and build India’s first truly Digital Bank ground up.” added Ashneer Grover, Co-Founder and Managing Director, BharatPe.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.