SMCB becomes India's first urban co-operative bank to transition to SFB

Shivalik Small Finance Bank (SSFB) will start its banking operations from April 2021. It has received the commercial banking license from banking regulator Reserve Bank of India (RBI). This will mark the transition of Shivalik Mercantile Co-operative Bank (SMCB) to a Small Finance Bank (SFB).

SMCB is the first urban co-operative bank (UCB) in India to transition to a SFB under the voluntary transition scheme. The bank had received an in-principal approval from the RBI for transitioning to a SFB in January 2020. The RBI had given an 18-month timeline to commence business.

Suveer Kumar Gupta, MD & CEO of