Mumbai, NFAPost: The Reserve Bank of India (RBI) has issued an In-principle approval to Centrum Financial Services Limited (Centrum), the established and profitable NBFC arm of the Centrum Group, to establish a Small Finance Bank (SFB). Resilient Innovations Private Limited (BharatPe), one of India’s fastest-growing fintech companies, will be an equal partner.
The RBI’s in-principle approval is a validation of Centrum’s proven expertise in financial services and BharatPe’s Digital Leadership, both essential for setting up a New Age Bank. Starting off with existing capabilities of an NBFC and a Fintech, active and potential customer base, digital reach and technology, should enable the SFB to scale up quickly.
The SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank Limited.
Expressing happiness over the development, Centrum Group Executive Chairman Jaspal Bindra said the company is delighted that a new banking license will be issued to a NBFC after a gap of nearly 6 years and would like to thank the RBI for the opportunity and confidence shown in us. “We are excited to partner with BharatPe to create this new age bank, with a strong team,” said Jaspal Bindra
Commenting on the development, BharatPe CEO and Co-Founder Ashneer Grover PharatPe is delighted at the opportunity to build a high-performing technology-led Small Finance Bank serving the payment, investment and credit needs of the under-served.
“With Centrum as our partner, we are confident that we can create a world-class institution that provides a differentiated and superlative experience to retail customers as well as small businesses,” said Ashneer Grover.