Explained: What's the market opportunity for new Unity Small Finance Bank

explained whats the market opportunity for new unity small finance bank

Sumary of Explained: What's the market opportunity for new Unity Small Finance Bank:

  • The Reserve Bank of India Tuesday issued a small finance bank (SFB) licence to a consortium of fintech company BharatPe and Centrum Financial Services Ltd. The new business entity Unity Small Finance Bank will see Centrum’s MSME and micro finance businesses merged into itself.
  • The RBI had already given an in-principle approval to Centrum Financial Services to set up a small finance bank, and along with BharatPe, it took over the Punjab and Maharashtra Co-operative Bank, the assets and liabilities of which will be taken over by the new entity.
  • Both Centrum and BharatPe had aspirations to evolve their businesses into a bank and coming together of both the companies, along side the PMC Bank crisis presented an opportunity for the two entities to join hands.
  • In a statement, Centrum Group’s Executive Chairman Jaspal Bindra said: “We aspire to be India’s first Digital Bank”.
  • There have been several examples of small finance banks and non-banking financial companies collaborating with fintech companies to access and monetise the data collected by these consumer tech firms.
  • The startup already processes around $4 billion worth of transactions on its platform annually, and it had been planning to offer its customers — primarily comprising small and medium sized merchants — a bank account and lending services based on their transactions.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.