RBI gives in-principle nod to Centrum Financial Services to set up a small finance bank

The “in-principle” approval has been accorded in specific pursuance to Centrum Financial Services Limited’s offer dated February 1, 2021.

Jun 18, 2021 04:06 IST India Infoline News Service

Centrum Financial Services
The Reserve Bank of India has given “in-principle” approval to Centrum Financial Services Limited (the applicant) to set up a small finance bank on Friday.

In its statement, the central bank stated that RBI would consider granting a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949, on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “in-principle” approval.

Further, the “in-principle” approval has been accorded in specific pursuance to Centrum Financial Services Limited’s offer dated February 1, 2021, in response to the Expression of Interest notification dated November 3, 2020, published by the Punjab & Maharashtra Co-operative Bank Ltd., Mumbai.

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