Centrum, BharatPe receives a license from RBI to create India's First Digital Small Finance Bank

CIOReviewIndia | Wednesday, 13 October 2021, 04:49 IST

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Centrum, BharatPe receives a licence from RBI to create India's First Digital Small Finance BankThe Reserve Bank of India (RBI) on Tuesday issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services Limited (Centrum), the established and profitable small business lending arm of the Centrum Group and Resilient Innovations Private Limited (BharatPe), one of India's fastest-growing fintech companies. Centrum in a statement said, "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 in a statement said, "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."

The new SFB, has been incorporated as 'Unity Small Finance Bank'. 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. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience. Centrum's successful MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank.

The new SFB, has been incorporated as 'Unity Small Finance Bank'. 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. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience. Centrum's successful MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank.

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