Unity Small Finance Bank: Another new bank has opened in the country. The name of this bank is Unity Small Finance Bank. This new bank has started functioning from 1st November i.e. Monday.
Unity Small Finance Bank: The country has got another new small finance bank. According to the information given by the Reserve Bank of India, another new bank has opened in the country. The name of this bank is Unity Small Finance Bank. This new bank has started functioning from 1st November i.e. Monday. Let us tell you that there are already many small finance banks in the country.
Any bank opened after 6 years
Many small finance banks are already open in the country. These include Ujjivan Small Finance Bank, Jana Small Finance Bank, Equitas Bank, AU Small Finance Bank, Utkarsh Small Finance Bank and Suryodaya Small Finance Bank. After about 6 years, a license has been issued to a new small finance bank.
These banks work under the supervision of RBI
Let us tell you that small finance banks also work like other banks. In this bank also your money is deposited like any other bank. These banks also work under the supervision of the Reserve Bank of India. This is the reason why an amount up to Rs 5 lakh in a small finance bank is insured under the Deposit Insurance Program of the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Know about Unity Small Finance Bank
Let us tell you that the consortium of Centrum Financial Services Limited and BharatPe has jointly started a new bank. This is the first time that 2 companies have jointly opened a small finance bank.
Unity Small Finance Bank Limited commences operationshttps://t.co/EP1k5Lraj2
— ReserveBankOfIndia (@RBI) November 1, 2021
The MSME and Micro Finance businesses in Centrum have been merged with Unity Small Finance Bank. Let us inform that Centrum-BharatPe together had bought Punjab and Maharashtra Cooperative Bank. Centrum Financial Services had proposed to create a small bank after buying PMC Bank on 1 February 2021.
High interest is available in small finance bank
Small finance banks focus on providing better service than the old ones i.e. government and private banks. These banks have to make more customers, so they pay more interest than other banks. The annual interest rate of these banks is more than 5 percent.