Context:
Microfinance company VFS Capital has applied for a small finance bank (SFB) licence under the guidelines for ´on tap´ licensing of SFBs in the private sector, the Reserve Bank of India (RBI) said on Wednesday.
Small finance Banks (SFB)
Small finance banks (SFB) are niche banks in India that offer basic banking services, including deposit acceptance and lending, to underserved sectors like small business units, marginal farmers, micro and small industries, and unorganised sector entities.
- Governed Under
- Reserve Bank of India Act, 1934, Banking Regulation Act, 1949.
