Shivalik Bank becomes India’s first urban co-operative bank to transition to SFB

Shivalik Bank becomes India’s first urban co-operative bank to transition to SFB

• Uttar Pradesh-based Shivalik Mercantile Co-operative Bank (SMCB) has become the first urban co-operative bank (UCB) in India to receive licence from RBI to operate as a Small Finance Bank (SFB).
• SMCB received the commercial banking license from banking regulator Reserve Bank of India (RBI) on January 06, 2021 to transition to a SFB, under the voluntary transition scheme.
• The Shivalik Small Finance Bank (SSFB) will start its banking operations from April 2021.
• Shivalik Mercantile Co-operative Bank (SMCB) headquarter -Saharanpur, Uttar Pradesh.

Points to Remember:

1. Name the first urban co-operative bank (UCB) to transition to a SFB?
2. Headquarter of Shivalik Mercantile Co-operative Bank (SMCB)?

Source: Business Standard