Shivalik Mercantile Co-operative Bank Limited has become the first urban cooperative bank (UCB) that has been granted ‘in-principle’ permission to convert into a small finance bank by the Reserve Bank of India (RBI).
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The ‘in-principle’ approval will be valid for 18 months, within which Shivalik Mercantile Co-operative Bank had to comply with the norms of a SFB.
On being satisfied that the applicant has complied with the requisite conditions as part of “in-principle” approval, the RBI would consider granting it a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949 as a SFB.
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