Mumbai, October 12, 2021: Centrum Financial Services (Centrum), the small business lending arm of the Centrum Group and Resilient Innovations (BharatPe), one of India's fastest-growing fintech companies will now join to create India’s first digital small finance bank
The Reserve Bank of India (RBI) has issued a Small Finance Bank (SFB) license to the consortium.
The new SFB, has been incorporated as ‘Unity Small Finance Bank’. Unity as a name has tremendous significance on many counts: It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.
Centrum’s successful MSME and Micro Finance businesses will be merged into Unity Small Finance Bank.
Says Jaspal Bindra, Executive Chairman, Centrum Group, said “We are delighted to receive the license 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.”
Adds Ashneer Grover, Co-Founder and Managing Director, BharatPe. “I wish to thank RBI for entrusting the Unity of BharatPe and Centrum with the SFB License. We will work tirelessly and smartly to capture this opportunity and build India’s first truly Digital Bank ground up.”