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RGVN Microfinance gets final approval for small-finance bank

RGVN Microfinance (North East) Ltd. plans to start its small-finance banking operations in May after receiving a final license from the Reserve Bank of India, Mint reported April 4, citing the firm's managing director, Rupali Kalita.

The microfinance firm earlier cut its foreign shareholding to 48% from 68% to meet regulatory requirements on foreign shareholding for establishing a small-finance bank.

The Reserve Bank of India granted in-principal approval to 10 companies, including RGVN Microfinance, to set up small-finance banks in September 2015.

RGVN Microfinance will be the seventh bank to start a small-finance bank. Six companies have already commenced operations, while Au Financiers (India) Ltd., Janalakshmi Financial Services Ltd. and Disha Microfin Pvt. Ltd. are preparing to start their operations, the news outlet said.