New Small Banks in India

In a previous post, we had estimated 10-15 new small banks being given in-principle approval. RBI has finally given 10 in-principle approvals. The idea for creating small finance banks came up in the Planing Commission's Committee on Financial Sector Reforms, chaired by Raghuram Rajan, with a view to address the needs of both low income households and also small businesses. Most of these approved entities are microfinance bodies, that shows the seriousness of the regulator towards financial inclusion and credit expansion.

Selected entities are:

1. Au Financiers (Jaipur), 
2. Capital Local Area Bank (Jalandhar), 
3. Disha Microfin (Ahmedabad), 
4. Equitas Holdings (Chennai), 
5. ESAF Microfinance and Investments (Chennai), 
6. Janalakshmi Financial Services (Bengaluru), 
7. RGVN (Northeast) Microfinance (Guwahati), 
8. Suryoday Micro Finance (Navi Mumbai), 
9. Ujjivan Financial Services (Bengaluru) and 
10. Utkarsh Micro Finance (Varanasi)

These were selected from a set of 72 applicants. Biggies like SKS Microfinance, Dewan Housing, IIFL did not get a license, either because RBI deemed them unworthy or they were considered too big for the purpose RBI was issuing these licenses. Full list of applicants as below

1.  Aamcol Trexim Pvt. Ltd & Mackmorn Commodities Pvt. Ltd., Kolkata 
2. Apex Abishek Finance Limited, Coimbatore 
3. Ashika Global Securities Pvt. Ltd., Kolkata 
4. Asomi Finance Private Limited, Guwahati 
5. Au Financiers (India) Limited, Jaipur 
6. Bhartiya Samruddhi Investments and Consulting Services Ltd., New Delhi 
7. BRD Securities Ltd., Thrissur 
8. Bretton Woods Exim Private Limited, New Delhi 
9. Calance Software Private Limited, New Delhi 
10. Capital Local Area Bank Ltd., Jalandhar 
11. Capital Trust Limited, New Delhi 
12. Chaitanya India Fin Credit Private Limited, Bengaluru 
13. Coastal Local Area Bank Ltd., Vijayawada 
14. Dewan Housing Finance Corporation Limited, Mumbai 
15. Disha Microfin Private Limited, Ahmedabad 
16. Dr. K. Cherian Varghese, Kochi 
17. Dr. Shubhro Sen, New Delhi 
18. Electronica Finance Limited, Pune 
19. Elite Green Private Limited, Ahmedabad 
20. Equitas Holding P Ltd., Chennai 
21. ESAF Microfinance and Investments Private Limited, Chennai 
22. Grama Vidiyal Micro Finance Limited, Tiruchirapalli 
23. Home First Finance Company India Pvt. Ltd., Mumbai 
24. Idhayam - G Finance and Investment Services Limited, Virudhunagar 
25. IIFL Holdings Limited, Thane 
26. Indigo Fincap Private Limited, Nawanshahar 
27. IntelleCash Microfinance Network Company Private Limited, New Delhi 
28. Inventure Finance Private Limited, Mumbai 
29. Ishan Developers & Infrastructure Ltd., Chandigarh 
30. Jagaran Microfin Private Limited, Kolkata 
31. Jainco Projects (India) Limited, Kolkata 
32. Janalakshmi Financial Services Private Limited, Bengaluru 
33. Kerala Permanent Benefit Fund Ltd., Aluva 
34. Kosamattam Finance Limited, Kottayam 
35. Kotalipara Development Society, 24 Parganas North
36. Light Microfinance Private Ltd., New Delhi 
37. Lulu Forex Private Ltd., Kochi 
38. Mahanadhi Finance Limited, Erode 
39. Mangal Keshav Capital Limited, Mumbai 
40. Microsec Resources Private Limited, Kolkata 
41. Smt. Rajni Aneja, New Delhi 
42. Pareka Investment Private Limited, Kolkata 
43. Professional Management &Advisory Services (P) Ltd., Delhi 
44. Proficient Leasing & Finance Ltd., Allahabad 
45. Repco Micro Finance Ltd., Chennai 
46. RGVN (North East) Microfinance Limited, Guwahati 
47. S. E. Investments Limited, Agra 
48. Sahara Utsarga Welfare Society, 24 Parganas North 
49. Saija Finance Private Limited, New Delhi 
50. Satin Creditcare Network Limited, New Delhi 
51. Shri Ajay Singh Bimbhet & others, Mumbai 
52. Shri Ajit Kumar Sharan, Mumbai 
53. Shri Collin R Timms & others, Mumbai 
54. Shri Kiran Dhondopant Thakur & others, Belgaum 
55. Shri M. R. Seetharam, Bengaluru 
56. Shri Manish Khera, Mumbai 
57. Shri Nijay Kumar Gupta, Mumbai 
58. Shri V.Balakrishnan & others, Bengaluru 
59. Shri Vinod Jain, Gurgaon 
60. SKS Microfinance Limited, Mumbai 
61. Sonata Finance Pvt. Ltd., Lucknow 
62. Sri Jayalakshmi Automotives Private Limited, Hyderabad 
63. Sunmarg Welfare Society, 24 Parganas South 
64. Suryoday Micro Finance Private Limited, Navi Mumbai 
65. Tri-Deep Leasing And Finance Limited, New Delhi 
66. UAE Exchange & Financial Services Ltd., Bengaluru 
67. Ujjivan Financial Services Private Limited, Bengaluru 
68. Utkarsh Micro Finance Private Limited, Varanasi 
69. VAYA Finserv Private Limited, Hyderabad 
70. Village Financial Services Private Limited, Kolkata 
71. Vinayak Local Area Bank Limited, Sikar 
72. Vsoft Technologies Private Limited, Hyderabad