VFS applies for small finance banking licence
Following the announcement of guidelines for licensing of Small Finance Bank (SFB) in the private sector by The Reserve Bank of India (RBI) in November, 2014 the management of VFS had taken the decision to apply for it after much deliberation.
KuldipMaity, MD & CEO, Village Financial Services said, “Microfinance is a crucial driving force in the process of total financial inclusion where people do not have the banking facility. Around 800 gram panchayet is still unbanked in west Bengal. I believe that Small Finance Bank has ample scope to make the Indian dream of “Financial Inclusion” a reality.”
“We are mostly active in the district and rural areas of Eastern India. 92% of our operation area is unbanked which is also in the line of RBI guidelines, added KuldipMaity.
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