InvestorQ : Why is Shivalik Cooperative Bank converting into a small finance bank?
prachi Patwardhan made post

Why is Shivalik Cooperative Bank converting into a small finance bank?

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sara Kunju answered.
4 months ago
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Shivalik Mercantile Co-operative Bank or SMCB became India's first urban co-operative bank to transition to a Small Finance Bank or SFB. It will begin operations as an SFB from Apr-21 under the name of Shivalik Small Finance Bank. The bank has already received in-principal approval for commercial banking licence from RBI back in Jan-20 itself.

Shivalik Bank currently operates in the states of UP, MP, Delhi, and Uttarakhand with 400,000 customers through 31 branches and 250 banking agents. Its deposit base stood at Rs.1140 crore and total advances stood at Rs.719 crore. The PMC bank fiasco had raised the issue of better control and regulation of cooperative banks once again.

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