Which of the following banks will become the India’s first Small Finance Bank (SFB)?
Which of the following banks will become the India’s first Small Finance Bank (SFB)?
[A]Ujjivan Financial Services Pvt. Ltd
[B]Capital Local Area Bank Ltd
[C]Au Financiers Ltd
[D]Janalakshmi Financial Services Pvt. Ltd
Capital Local Area Bank Ltd
The Jalandhar-based Capital Local Area Bank Ltd (CLABL) will become the India’s first small area finance bank (SFB) by flagging-off its operations on April 13, 2016. The small bank will launch operations under a new name “Capital Small Finance Bank Limited”. Apart from CLABL, the Reserve Bank of India (RBI) has granted 9 entities in-principle licences to open small finance banks to expand access to financial services in rural and semi-urban areas. These are Ujjivan Financial Services Pvt. Ltd, Janalakshmi Financial Services Pvt. Ltd, Au Financiers (India) Ltd, etc.