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India allows urban cooperative banks to convert into small finance lenders

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India allows urban cooperative banks to convert into small finance lenders

India's central bank has decided to allow urban cooperative banks to voluntarily convert into small finance banks.

In its June 6 update on developmental and regulatory policies, the Reserve Bank of India said the scheme would apply to urban cooperative banks that meet certain criteria. The central bank noted that it will announce details of the scheme separately.

Meanwhile, the central bank plans to encourage more players to participate in and promote pan-India payment platforms, adding that a policy paper will be put out for public consultation by Sept. 30.

The plan, according to the central bank, will minimize concentration risk in retail payment systems and promote innovation and competition in the sector.