The Reserve Bank of India on October 12 granted license to Unity Small Finance Bank (SFB), a consortium of Centrum Financial Services limited and Resilient Innovations Private Limited (BharatPe), Centrum said in an exchange notification.
Unity SFB will be taking over the assets and liabilities of PMC Bank and Centrum’s MSME business will be merged with the Unity SFB.
Centrum said in a release that together with BharatPe they are looking to build a business model in an open architecture.
Jaspal Bindra, Executive Chairman, Centrum Group, said, “We are delighted to receive the licence and excited to partner with BharatPe to create this new age bank, with a strong team. We aspire to be India’s first Digital Bank.”
“I wish to thank the RBI for entrusting the Unity of BharatPe and Centrum with the SFB licence. We will work tirelessly and smartly to capture this opportunity and build India’s first truly Digital Bank ground up,” Ashneer Grover, Co-Founder and Managing Director, BharatPe, said in the release.