Shivalik Small Finance Bank commences operations By IANS | 3 Views Iran, Syria to launch joint bank to facilitate trade ties. Image Source: IANS News Mumbai, April 26 : Shivalik Small Finance Bank Ltd has commenced operations as a small finance bank with effect from Monday. The Reserve Bank of India has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India, said an RBI statement. Shivalik Mercantile Co-operative Bank Limited was granted an in-principle approval for transition into a small finance bank, under the "Scheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank" issued on September 27, 2018.