MUMBAI: Utkarsh Micro Finance has received final license from The Reserve Bank of India (RBI) to start operations as Small Finance Bank (SFB). In October 2015, Utkarsh Micro Finance had got the "in-principle" approval to set up SFB as per the guidelines issued by the RBI.
"This is a very proud moment for Team Utkarsh and we will continue to be committed to the mission of financial inclusion and offer wide range of banking products to the people. We look forward to continue as a reliable, scalable and sustainable institution which is process centric, people oriented and backed with technology," said Govind Singh, MD & CEO, Utkarsh Micro Finance.
Incorporated in 2009, Utkarsh Micro Finance is among the top 10 micro finance company in the country with operations in 10 states. The new SFB will be named as 'Utkarsh Small Finance Bank Ltd-' and is likely to start banking operations in early 2017.