RBI today said Ahmedabad-based Fincare Small Finance Bank has commenced operations as a SFB from today.
"Fincare Small Finance Bank Limited has commenced operations as a small finance bank (SFB) with effect from July 21, 2017...To carry on the business of small finance bank in India," RBI said in a notification.
Disha Microfin, small finance bank licence recipient by RBI in 2015, is part of the Fincare Group which comprises of two NBFCs -- Disha Microfin and Future Financial.
It also has one Business Correspondent entity viz Lok Management Services and one Management Services Co viz India Finserve Advisors.
The Fincare group has total asset under management of around Rs 1,647 crore as on April 2017 and serves over 12 lakh base of pyramid families.
Future Financial and Disha Fincare will get merged in the process of formation of Fincare Small Finance Bank, according to Disha Microfin website.
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