RBI Issues Licence to BharatPe & Centrum to Set up India's First Digital Small Finance Bank

The Reserve Bank of India (RBI) has agreed to issue a Small Finance  Bank (SFB) licence to Resilient Innovations Private Limited (BharatPe) and the consortium of Centrum Financial Services Limited (Centrum), the small business lending arm of the Centrum  Group.

Jaspal Bindra, Executive Chairman, Centrum Group, says, "We are delighted to receive the licence 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."

The new SFB, has been combined 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. Centrum's successful MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank.

In a statement, Centrum says, "A new bank licence has been issued after a gap of nearly six years, and we thank the RBI for the confidence shown in the abilities of Centrum and BharatPe." The new SFB has been incorporated as  'Unity Small Finance Bank'. It has a major significance for both Centrum and BharatPe.  

Ashneer Grover, Co-Founder and Managing Director, BharatPe says, “I wish to thank RBI for entrusting the unity of BharatPe  and Centrum with the SFB licence. We will work tirelessly and smartly to capture this opportunity and build India’s first truly Digital Bank ground up."

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