Small Finance Banks Can Apply For Universal Bank Licence, Says RBI

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Small Finance Banks Can Apply For Universal Bank Licence, Says RBI

The Reserve Bank of India issued guidelines on Friday for small finance banks that are looking to convert into universal banks through on-tap licensing.This comes after the central bank laid out a transition path for small finance banks in December 2019 to convert to universal banks. "The SFBs may choose to continue as a differentiated bank if they aspire to transit into a universal bank," the RBI said.These provisions come into effect immediate…