New Delhi [India], April 26 (ANI): The Reserve Bank of India (RBI) has set out certain provisions fulfilling which Small Finance Banks (SFBs) can voluntarily convert themselves into Universal Banks.
Such conversion shall be subject to the fulfilling net worth requirement as applicable to Universal Banks, a satisfactory track record of performance for a minimum period of five years, and RBI’s due diligence exercise.
The bank intending to transit must have their shares listed on a recognized stock exchange; have a minimum net worth of Rs 1,000 crore as at the end of the previous quarter (audited); and have a net profit in the last two financial years; among others.
The eligible Bank will have to furnish a detailed rationale for such a transition, RBI said. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.