On September 16, 2015, Reserve Bank of India awarded the “In-principle approval” to set up Small Finance Bank (SFB) to 10 Financial Institutions, including RGVN (North East) Micro Finance Limited, the same can be viewed here at https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=35010.
The only institution from North-Eastern state of India to receive this recognition to establish Small Finance Bank. The main objective behind setting up small finance bank by RBI was to drive the objective of financial inclusion by making provision of savings and to provide credit to small business units, small and marginal farmers, micro and small industries and other unorganized sector entities, through high-end technology, low cost operations.
For meeting the stipulations prescribed under “In Principle Approval” and other prescribed Guidelines issued by RBI under Small Finance Bank, a new entity i.e “North East Small Finance Bank Limited” having CIN- U65100AS2016PLC017505 was incorporated on July 25, 2016 as a subsidiary to its parent Company RGVN (North East) Micro Finance Limited.
Some of the most reputed organizations in India and abroad viz. SIDBI Venture Capital Limited (Samirdhi Fund), M/s RNT Associates Private Limited, M/s PI Venture LLC, Norwegian Micro finance Initiative, M/s Dia Vikas Capital and IDBI Bank have expressed their confidence to our organization and agreed to partnered with RGVN (North East) Microfinance Limited for the transformation into the Banking Business of “Small Finance Bank”.
We have designed various Asset and Liability products to meet the financial needs of our customers who have been deprived from the formal banking and other financial services till now. We also have kept in mind of their saving needs and have customized products that will take care of their Small and Regular savings as well as target based savings that are simple and easy to understand and have the maximum benefit. Further, we shall also provide them with the facility of Doorstep Banking.
The Bank has commenced its Banking Business vide RBI Press release dated October 17, 2017, which is available on RBI website https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=42001 for the Reference.
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