India: Payment Banks May Convert To Small Finance Bank After A Business Of 5 Years

Payments banks can follow for conversion into small finance banks (SFBs) after 5 years of operation, furnished they meet the eligibility criteria, the Reserve Bank of India (RBI) stated on Thursday, as it introduced the remaining tips for on-tap licensing of non-public sector SFBs. The promoter of a repayment financial institution is eligible to set up an SFB supplied that both banks come under the non-operating monetary conserving organizatio....