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Unity Small Finance Bank begins operations

Unity Small Finance Bank Limited, a joint venture between Centrum Financial Services Limited and payments app BharaPe, has begun operations as a small finance bank as of November 1, 2021. 

The Reserve Bank stated in a press release that it has granted the bank a licence to conduct business in India under Section 22(1) of the Banking Regulation Act, 1949. 

In February, Centrum Financial Services and BharatPe (Resilient Innovations Pvt Ltd.,) had submitted a joint proposal to take over PMC Bank. On June 18, Centrum Financial Services received in-principle approval from the RBI on June 18 under the guidelines for ‘on tap’ licencing of small finance banks in the private sector.

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