Small Finance Bank: RBI
The Reserve Bank of India (RBI) has returned Jana Small Finance Bank’s (SFB) application for transition into a universal bank, citing non-fulfilment of eligibility criteria outlined under its 2024 guidelines for SFBs.Small Finance Bank are private institutions created to enhance financial inclusion in India. They offer basic banking facilities, including deposits and credit, to unserved and underserved groups like small farmers, micro industries, and informal sector enterprises. Announced in Union Budget 2014–15 to boost financial inclusion, the idea stems from the 2009 Raghuram Rajan Committee’s A Hundred Small Steps report. Eligibility Criteria: Resident individuals/professionals with 10 years of experience in banking and finance.
