InvestorQ : Has Centrum finally got its banking license to operate?
vidhya Laxmi made post

Has Centrum finally got its banking license to operate?

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sarah Leo answered.
1 month ago
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Let me clarify that it is not a banking licence but an SFB license to operate a small finance bank. In fact, the RBI issued licence to the consortium of Centrum Capital and BharatPe to set up Unity Small Finance Bank (SFB). The Unity SFB will start the operations with a loan book of Rs.1,500 crore and as earlier reported, it will also take over the operations of the beleaguered cooperative bank based out of Mumbai, PMC Bank.

It may be recollected that former Standard Chartered head, Jaspal Bindra, will drive the business, as he is already on the board of Centrum. Unity SFB will be a wholly digital bank from the beginning. Centrum and Bharat Pe will merge their SME and micro-credit franchises into Unity SFB. Centrum and Bharat Pe will infuse Rs.1,800 crore as capital into the SFB and it is likely to be the new small banking model in India.
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