The application was made under the regulatory framework outlined in the RBI’s “On Tap” licensing guidelines for small finance banks issued on December 5, 2019, and the latest circular on voluntary transition to universal banks released by the RBI on April 26, 2024
MD and CEO Sanjay Agarwal ruled out the need to raise equity any time soon. The bank does not have any requirement to raise funds through QIP
Earlier today, RBI release circular on the Voluntary transition of Small Finance Banks to Universal Banks.
Ujjivan Small Finance Bank will apply for a universal bank licence in the next financial year.
The Equitas Small Finance Bank CEO and MD said the bank will apply for a universal licence soon now that its reverse merger with Equitas Holdings has been completed.