The RBI’s regulations stipulate that at least 50% of the loan portfolio of small finance banks must include loans and advances of up to Rs. 25 lakh.
The Reserve Bank of India (RBI) will soon announce the names of successful applicants for the small finance banks, RBI Deputy Governor SS Mundra was quoted as saying on Wednesday.
“We are going to announce the names (successful applicants) in the next few days,” Mundra told a financial daily on the sidelines of a PHDCCI summit in New Delhi.
The RBI has received as many as 72 applications for starting small finance banks, which will function on the lines of commercial banks, but would cater mainly to the unserved and underserved sections of society. There will also be limits on the loan size and the quantum of deposits that such banks can accept.
The RBI’s regulations stipulate that at least 50% of the loan portfolio of small finance banks must include loans and advances of up to Rs. 25 lakh.
“We are going to announce the names (successful applicants) in the next few days,” Mundra told a financial daily on the sidelines of a PHDCCI summit in New Delhi.
The RBI has received as many as 72 applications for starting small finance banks, which will function on the lines of commercial banks, but would cater mainly to the unserved and underserved sections of society. There will also be limits on the loan size and the quantum of deposits that such banks can accept.
The RBI’s regulations stipulate that at least 50% of the loan portfolio of small finance banks must include loans and advances of up to Rs. 25 lakh.
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