Centrum, BharatPe get licence to arrange Small Finance Bank

The Reserve Bank of India (RBI) has issued a Small Finance Bank (SFB) licence to the consortium of Centrum Financial Services, the small enterprise lending arm of the Centrum Group, and Resilient Innovations Private Limited (BharatPe), a fintech firm. “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,” Centrum mentioned. The new SFB has been integrated as ‘Unity Small Finance Bank’, it mentioned.
“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,” it mentioned in an trade submitting. The proposed enterprise mannequin is one in every of collaboration and open structure, it mentioned. Centrum’s MSME and microfinance companies will likely be merged into Unity Small Finance Bank.
Jaspal Bindra, government chairman, Centrum Group, mentioned “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.” “We will … capture this opportunity and build India’s first truly Digital Bank ground up,” mentioned Ashneer Grover, co-founder and MD, BharatPe.