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Small Finance Bank (SFB)

  Apr 14, 2017

Small Finance Bank (SFB)

What is SFB?
The Small Finance Bank (SFB) is a private financial institution intended to further the objective of financial inclusion by primarily undertaking basic banking activities of acceptance of deposits and lending to un-served and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganised sector entities, but without any restriction in the area of operations, unlike Regional Rural Banks or Local Area Banks.

Who are eligible to apply?
  1. Resident individuals/professionals with 10 years of experience in banking and finance and companies and societies owned and controlled by residents,
  2. Existing Non-Banking Finance Companies (NBFCs), 
  3. Micro Finance Institutions (MFIs), and 
  4. Local Area Banks (LABs) that are owned and controlled by residents can also opt for conversion into small finance banks.
Salient Features: