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Shivalik Coop Bank is first to get SFB license

Shivalik Mercantile Cooperative Bank, a multi-state urban cooperative bank in Uttar Pradesh, has become the first cooperative bank to get a license from the Reserve Bank of India to convert itself into a small finance bank under the transition scheme announced by the regulator. It proposes to start functioning as a small finance bank from 1 April 2021. Shivalik Small Finance Bank (SSFB) will start its banking operations in April 2021. The bank has over 400,000 customers, including 12,000 self-help groups. Over a span of 22 years, it has grown steadily from a single branch in 1998 to 31 branches currently. It is currently serving customers in Uttar Pradesh, Madhya Pradesh, Delhi and Uttarakhand. It offers besides branch banking channels like ATMs, internet banking, mobile banking, and doorstep services through hand-held devices. As of 31 March 2020, the total business size of the bank was approximately ₹18 billion. The bank’s major technology platforms are powered by Infosys Finacle using a cloud native model. Suveer Kumar Gupta, MD & CEO of Shivalik Mercantile Cooperative Bank, said a scheduled commercial banking license will alter the bank’s identity significantly allowing it to offer banking services across the country, offer a complete range of retail banking solutions to its customers and further its goal of financial inclusion. The bank can rapidly innovate and roll out highly personalized products and services for its customers through its advanced technology platform including the ability to implement open banking, and easily collaborate with the external ecosystem, including fintechs, digital businesses and non-banking financial services providers, he added.

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