Shivalik Small Finance Bank Ltd. has commenced operations as a small finance bank with effect from April 26.The Reserve Bank had issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India, the RBI said on Monday.
Shivalik Mercantile Co-operative Bank Ltd. was granted an in-principle approval for transition into a small finance bank, as announced in the press release on January 6, 2020, under the “Scheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank” issued on September 27, 2018.
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