Shivalik Mercantile Co-op Bank begins operation as Shivalik SFB
CEO Gupta confident of increasing business by 3-fold in four years
Shivalik Mercantile Co-operative Bank has commenced operations as a small finance bank with effect from April 26, 2021, says RBI in a press release. It is the first UCB which has migrated to the new platform of Small Finance Bank despite facing opposition from the UCB fraternity.
A Rs 2000 crore bank, Shivalik now aims to grow three times to Rs 6000 crore in a time length of four years, claimed its CEO Suveer Kumar Gupta, quotes PTI. Uttar Pradesh based bank has 31 branches and 57 ATMs.
Budget proposes tax neutral benefit for conversion of UCBs into banking company
Surabhi
Mumbai |
Updated on
Finance Minister Nirmala Sitharaman×
The RBI had in 2018 permitted voluntary transition of primary coop banks into small finance banks In a move that will help cooperative banks to convert to banks, the Budget has proposed tax exemptions.
It has provided tax neutral benefit for conversion of urban cooperative bank into banking company.
“It is proposed to expand the scope of business reorganisation to include conversion of a primary co-operative bank to a banking company and the deductions available under Section 44DB of the Act shall also be made applicable in relation to such conversion,”said the Memorandum to the Financial Bill.
Shivalik Small Finance Bank receives commercial banking license ANI | Updated: Jan 06, 2021 12:41 IST
New Delhi [India], January 6 (ANI/NewsVoir): Shivalik Small Finance Bank (SSFB) announced the receipt of a license from Reserve Bank of India (RBI) to carry on banking business as a Small Finance Bank (SFB) in India.
This marks the successful completion of the last major step in the transition of Shivalik Mercantile Co-operative Bank (SMCB) to a SFB. SMCB is the first Urban Cooperative Bank (UCB) in India to transition to a Small Finance Bank under the voluntary transition scheme.
Highlights: Shivalik is the first and largest multi-state Urban Co-operative Bank in Uttar Pradesh and has been at the forefront of financial inclusion through a technology focussed approach. It is currently serving customers in Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand.
Read more about SMCB becomes India s first urban co-operative bank to transition to SFB on Business Standard. The bank had received an in-principal approval from the RBI for transitioning to a SFB in January 2020