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Shivalik Mercantile Co-op Bank begins operation as Shivalik SFB


Shivalik Mercantile Co-op Bank begins operation as Shivalik SFB
CEO Gupta confident of increasing business by 3-fold in four years
Shivalik Mercantile Co-operative Bank has commenced operations as a small finance bank with effect from April 26, 2021, says RBI in a press release. It is the first UCB which has migrated to the new platform of Small Finance Bank despite facing opposition from the UCB fraternity.
A Rs 2000 crore bank, Shivalik now aims to grow three times to Rs 6000 crore in a time length of four years, claimed its CEO Suveer Kumar Gupta, quotes PTI. Uttar Pradesh based bank has 31 branches and 57 ATMs. ....

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Shivalik Small Finance Bank receives commercial banking license


Shivalik Small Finance Bank receives commercial banking license
ANI |
Updated: Jan 06, 2021 12:41 IST
New Delhi [India], January 6 (ANI/NewsVoir): Shivalik Small Finance Bank (SSFB) announced the receipt of a license from Reserve Bank of India (RBI) to carry on banking business as a Small Finance Bank (SFB) in India.
This marks the successful completion of the last major step in the transition of Shivalik Mercantile Co-operative Bank (SMCB) to a SFB. SMCB is the first Urban Cooperative Bank (UCB) in India to transition to a Small Finance Bank under the voluntary transition scheme.
Highlights:
Shivalik is the first and largest multi-state Urban Co-operative Bank in Uttar Pradesh and has been at the forefront of financial inclusion through a technology focussed approach. It is currently serving customers in Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand. ....

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