RBI allows SFBs to merge with holding cos; Ujjivan, Equitas Holdings up 20%

The Reserve Bank of India has allowed small finance banks (SFBs) and respective holding companies to apply for the Amalgamation scheme

Shares of Equitas Holdings, Ujjivan Financial Services, and IDFC rallied up to 20 per cent on the BSE in the intra-day trade on Monday after the Reserve Bank of India (RBI) allowed small finance banks (SFBs) and respective holding companies to apply for the Amalgamation scheme.

Among individual stocks, Equitas Holdings (at Rs 138.40) and Ujjivan Financial Services (at Rs 244.90) were locked in the 20 per cent upper circuit, while Equitas SFB surged 17 per cent at Rs 76.25, IDFC (up13 per cent to Rs 60.05), Ujjivan Small Finance Bank (up 11 per cent at Rs 33.80), and