Capital Area Bank first to get small finance bank licence from RBI

Posted on:07 Mar 2016 18:00:12
Capital Area Bank first to get small finance bank licence from RBI
07 March 2016 Current Affairs: Capital Local Area Bank, a Jalandhar-based local area bank, has emerged as the first entity to have received the Reserve Bank of India's licence to start operations as a small finance bank. Sarvjit Singh Samra, managing director of Capital Local Area Bank, said it plans to start small finance bank operations on April 13, "on the auspicious day of Baisakhi". It plans to open 10 new branches on the first day .it plans to keep all its branches open for all seven days a week. Capital, which claims to be the largest local bank in the country, currently has 44 branches in five districts of Punjab and three more would be opened by March 31. "We will close the year with total business (deposits and advances) of Rs 3,000 crore," Samra said. RBI had in September last year granted in-principal approval to 10 entities, including Capital Local Area Bank, to operate as small finance banks.As a small finance bank, Capital can open branches across the country. Samra said the bank plans to have 216 branches and total business of Rs 11,800 crore in the next five years. Also during the first five years as a small finance bank, it will focus on northern region.

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