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Small finance bank approvals in September

The Reserve Bank of India will release the list of applicants who will be given ‘in-principle approvals’ to operate small finance in September. RBI had issued similar approvals to 11 applicants to set up payments banks recently. Announcing this, RBI governor Raghuram Rajan said both payments banks and small finance banks would help in achieving financial inclusion. He added that small finance banks would be similar to universal banks but would operate on a small scale. RBI received 41 applications for payment banks and 72 applications for small finance banks.

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