RBI grants small finance bank licence to Unity SFB

The Reserve Bank of India (RBI) issued a Small Finance Bank (SFB) licence to the consortium of Centrum Financial Services Limited (Centrum) and BharatPe.  “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 said in a regulatory filing.

The Unity Small Finance Bank will take over the assets and liabilities of Punjab and Maharashtra Co-operative Bank. RBI had given in-principle approval to Centrum Financial Services Limited to set up a small finance bank in June 2021.