Mumbai, Oct 17 (IANS) The Reserve Bank of India (RBI) said on Tuesday the North East Small Finance Bank has commenced operations.
A small finance bank has been envisioned to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections.
The development comes after the RBI issued a licence to the North East Small Finance Bank to carry out the business of small finance bank.
"RGVN (North East) Microfinance Limited, Guwahati was one of the ten applicants which were issued in-principle approval for setting up a small finance bank, as announced... on September 16, 2015," the RBI said in a statement.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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