Centrum and BharatPe Set To Create A New Age Bank

The Reserve Bank of India (RBI) has issued an In-principle approval to Centrum Financial Services Limited (Centrum), the established and profitable NBFC arm of the Centrum Group, to establish a Small Finance Bank (SFB). Resilient Innovations Private Limited (BharatPe), one of India's fastestgrowing fintech companies, will be an equal partner.

The RBI's in-principle approval is a validation of Centrum's proven expertise in financial services and BharatPe's Digital Leadership, both essential for setting up a New Age Bank. Starting off with existing capabilities of an NBFC and a Fintech, active and potential customer base, digital reach and technology, should enable the SFB to scale up quickly.

The SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank Limited.

Commenting on the development, Jaspal Bindra, Executive Chairman, Centrum Group, said "We are delighted that a new banking license will be issued to a NBFC after a gap of nearly 6 years and would like to thank the RBI for the opportunity and confidence shown in us. We are excited to partner with BharatPe to create this new age bank, with a strong team."

"We are delighted at the opportunity to build a high performing technology led Small Finance Bank serving the payment, investment and credit needs of the under-served. With Centrum as our partner, we are confident that we can create a world-class institution that provides a differentiated and superlative experience to retail customers as well as small businesses." added Ashneer Grover, CEO and Co-Founder, BharatPe.

Shares of CENTRUM CAPITAL LTD. was last trading in BSE at Rs.50.25 as compared to the previous close of Rs. 46.4. The total number of shares traded during the day was 1562826 in over 5100 trades.

The stock hit an intraday high of Rs. 52.6 and intraday low of 44.2. The net turnover during the day was Rs. 76155090.

Source : Equity Bulls

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