Caspian’s Partners Win Small Finance Bank Licenses
Earlier this week (September 16), the Reserve Bank of India (RBI) announced the list of successful candidates who have won the Small Finance Bank license.
We are pleased to let you know that three of our partner Caspian’s equity investees – Equitas, Janalakshmi and Ujjivan – have been awarded the license. Of the remaining seven, four of them have a debt relationship with CII.
The winners will be able to become fully fledged banks in the future, depending on their performance and compliance with RBI rules for banks.
These licenses along with the 11 other payment bank licenses announced last month can be quite transformational for the Indian financial sector in general, and to the financial inclusion space in particular. The Financial Inclusion agenda, the key motivator for Caspian’s funds so far, is well and truly at the centre of the regulators and policy makers’ attention as they also recognize the role that specialized institutions like MFIs can play in achieving this objective.
Read more here.