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Four months after giving an in-principle nod to <keyword id="6010758" type="General" weightage="20" keywordseo="centrum-financial" source="Orion">Centrum Financial</keyword> Services and <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> to establish a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bANK" source="Orion">small finance bank</keyword>, the <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> on Tuesday granted a licence to the consortium that had expressed interest to take over the crisis-impacted Punjab and Maharashtra Cooperative (PMC) Bank. In June, the Reserve Bank had given the in-principle approval for the SFB licence to the consortium against its interest to take over the PMC Bank, a city-based cooperative lender under restrictions for more than two years after a massive over Rs 7,000-crore fraud at the lender. In a joint statement, <keyword id="59288" type="General" weightage="20" keywordseo="centrum" source="Orion">Centrum</keyword> and BharatPe, which are uniting equally to build the SFB, said the RBI's final approval has been received earlier in the day, and this is the first time in six years that the central bank has given a banking licence. Earlier in the day, BharatPe announced that former SBI veteran Rajnish Kumar is joining its board as the chairman and will be playing the role of a mentor for the fintech's team on the path to forming an SFB. The new SFB has been incorporated as "Unity Small Finance Bank" and the business model is "one of collaboration and open architecture", uniting all its stakeholders to deliver a seamless digital experience, the statement said. However, details about how the amalgamation with Punjab and Maharashtra Cooperative (PMC) Bank will happen from an operational perspective were not known immediately. The statement said Centrum's MSME and microfinance businesses shall be merged into Unity Small Finance Bank. "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," Centrum Group's chairman Jaspal Bindra said. "We will work tirelessly and smartly to capture this opportunity and build India's first truly Digital Bank ground up," Ashneer Grover, the co-Founder and managing director of BharatPe, said. While granting the in-principle nod on June 18, the RBI had said that the approval has been accorded in specific pursuance to the Centrum Financial Services' February 1 offer expressing interest to take over PMC Bank. SEE ALSO <a href="https://www.businessinsider.in/india/news/the-depth-of-indias-power-crisis-22-power-plants-shut-govt-says-coal-crisis-overblown/articleshow/86969860.cms" data-type="tilCustomLink">The depth of India's power crisis</a> <a href="https://www.businessinsider.in/stock-market/news/from-home-sales-and-jewellery-to-power-consumption-these-sectors-are-back-to-pre-pandemic-levels/articleshow/86976154.cms" data-type="tilCustomLink">From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels</a> <a href="https://www.businessinsider.in/careers/news/if-you-have-these-digital-skills-then-you-can-expect-a-double-digit-salary-hike-next-year/articleshow/86970342.cms" data-type="tilCustomLink">If you have these digital skills, then you can expect a double digit salary hike next year</a>

Three-year-old BharatPe and Centrum gets RBI nod to set up a small finance bank

Financial services company <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Monday said it has raised ₹50 crore in debt from <keyword id="6254083" type="UNKNOWN" weightage="20" keywordseo="Northern-Arc-Capital">Northern Arc Capital</keyword>, one of the leading digital debt finance platforms. This is the sixth round of debt financing in 2021, the company said. In January, the company had raised ₹200 crore from three top debt companies in the country -- Alteria Capital, <keyword id="2809652" type="COMPANY" weightage="20" keywordseo="InnoVen-Capital">InnoVen Capital</keyword> and <keyword id="2694863" type="COMPANY" weightage="20" keywordseo="Trifecta-Capital">Trifecta Capital</keyword>, having later raised additional capital from <keyword id="6653" type="COMPANY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword>. "We have considerably ramped up our lending business in the last year and have set an ambitious target of facilitating disbursals to the tune of $1 billion to more than 10 lakh merchants by the end of current fiscal (FY22)," said Suhail Sameer, Group President, BharatPe. "We are excited about our latest capital raise from Northern Arc and are confident that, together, we will be able to transform Bharat and serve the needs of the underserved businesses in India," he added. The fintech company has already facilitated disbursals of over ₹1,600 crore to more than 2 lakh merchants since the launch of the lending vertical. "Northern Arc has continually worked towards extending credit to like-minded organisations such as BharatPe that enable financial access to small businesses and merchants across the country," said Bama Balakrishnan, <keyword id="6423421" type="COMPANY" weightage="20" keywordseo="coo">COO</keyword>, Northern Arc. Northern Arc has directly disbursed more than ₹3,500 crore over the last financial year to MSMEs, households, financial institutions and mid-market corporates. SEE ALSO: <a href="https://www.businessinsider.in/business/news/this-ev-startup-mobycy-went-from-solving-last-mile-commute-to-delivery/articleshow/82513392.cms">It took one pivot and five years for this EV startup founder to hit the sweet spot for business in India</a> <a href="https://www.businessinsider.in/tech/apps/news/clubhouse-android-download-release-date-beta-version/articleshow/82515109.cms">Clubhouse for Android finally launched as downloads and hype take a plunge</a> <a href="https://www.businessinsider.in/finance/banks/news/bandhan-bank-share-price-falls-after-reporting-an-80-fall-in-its-net-profit/articleshow/82516642.cms">Bandhan Bank falls 4% after reporting an 80% fall in its net profit – positive market trends help it bounce back into the green</a>

SME lending startup BharatPe raises ₹50 crore in debt from Northern Arc Capital

<keyword id="45442" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Limited">Reliance Industries Limited</keyword> (RIL) has said that it has applied for a payments bank licence in collaboration with the State Bank of India (SBI), which would have up to 30% stake in the joint venture (JV). 
 Earlier, Aditya Birla Nuvo Limited (<keyword id="193651" type="CITY" weightage="20" keywordseo="ABNL">ABNL</keyword>), which manages mobile operator Idea Cellular, and the Future Group had also applied for licences. According to ABNL, it is eyeing to own 51% in the bank and Idea will own the rest. 
 The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) would ultimately take a final decision on these applications. 
 Some of the applicants, including <keyword id="44373" type="CITY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword>, had also applied for full-fledged banking licences in 2013. However, their applications were rejected by the RBI. 
 
The RBI had issued licences to Infrastructure Development Finance Company (IDFC) and Bandhan to set up full-fledged banks in 2014. 
 
Muthoot Fincorp, which was looking to apply for a small finance bank, has now backed out. "The RBI guidelines say we have to convert the current business into small finance business. We are not sure how it will play out," said Muthoot Fincorp Executive Director Thomas Muthoot. 
 
Payments bank is allowed to raise deposits of up to Rs 1 lakh per individual. It can also issue ATM cards and sell products like mutual funds. However, they are not allowed to issue credit cards. 
Image: Thinkstock

RIL Joins Hands With SBI, Hopes To Get Payments Bank Licence

New Delhi, <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> services company <keyword id="7349800" type="PERSON" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Monday announced that it has raised ₹139 crore (nearly $20 million) in debt from <keyword id="4844054" type="COMPANY" weightage="20" keywordseo="Alteria-Capital">Alteria Capital</keyword> and <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>. The company raised ₹90 crore in debt from Alteria Capital and ₹49 crore from ICICI Bank. The company has raised a total of ₹199 crore in debt to date. "We have committed ourselves to have $700 miilion of <keyword id="6362287" type="UNKNOWN" weightage="20" keywordseo="loans">loans</keyword> to small merchants and kirana store owners by March 2023 and are hoping to on-board more institutional debt partners in the near future," said Ashneer Grover, <keyword id="170488" type="COMPANY" weightage="20" keywordseo="co-founder">Co-Founder</keyword> and CEO, BharatPe. "We aim to become a digital bank that is the one-stop destination for merchants for all kinds of financial services and this tranche of funds will get things rolling". The company is disbursing loans of ₹200 crore per month to merchant partners currently and has set a target of disbursing ₹1,000 crore of loans in the FY21. "We have already disbursed loans to more to 1 lakh merchants and aim to scale this up by 8-10 times and enable credit for a million (10 lakh) kirana store owners in 2021," said Suhail Sameer, Group President, BharatPe. Last week, BharatPe announced that it has raised ₹60 crores in debt from Innoven Capital, Asia's leading venture debt and specialty lending firm. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-rakesh-jhunjhunwala-backed-nazara-technologies-is-preparing-for-its-big-ipo-debut/articleshow/80321946.cms">The startup behind Chhota Bheem, Motu Patlu and Shikari Shambhu is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms?upcache=2">The ₹4,600 crore IPO from IRFC is ‘attractive,’ and the best thing about the borrowing arm for Indian Railways is the assured margin</a>

You Searched For "bharatpe small finance bank licence" and got 4 results

Three-year-old BharatPe and Centrum gets RBI nod to set up a small finance bank

Kritti Bhalla

SME lending startup BharatPe raises ₹50 crore in debt from Northern Arc Capital

IANS

RIL Joins Hands With SBI, Hopes To Get Payments Bank Licence

BI India Bureau

BharatPe gets $20 million in debt funding from Alteria Capital and ICICI Bank — aims to raise a total of $700 million in the next two years

IANS

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