RBI invites applications from eligible SFBs to become regular banks

Mumbai, Apr 26 (PTI) Reserve Bank of India on Friday invited applications from small finance banks meeting specified criteria, including a minimum net worth of Rs 1,000 crore, for becoming regular or universal banks. The RBI, in November 2014, issued the guidelines for licensing of small finance banks (SFBs) in the private sector. There are about a dozen SFBs, including Au Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank. An SFB aiming to become a universal bank should have a minimum net worth of Rs 1,000 crore as at the end of the previous quarter (audited) and the shares of the bank should have been listed on a recognised stock exchange, the central bank said. agencies