RBI allow 10 applicants for small bank licences

Reserve Bank of India granted 10 entities in-principle licences to open so-called small finance banks. RBI has given a deadline of 18months to these entities to start the banking operations. Ujjivan Financial Services Pvt. Ltd, Janalakshmi Financial Services Pvt. Ltd and Equitas Holdings Ltd are among the 10 entities.In total, 72 entities applied for a small finance bank licence. These banks will offer basic banking services to small and marginal farmers, micro and small industries, and entities in the unorganized sector.