Shivalik Bank becomes India’s first urban co-operative bank to transition to SFB

Current GK ( Master) Banking Awareness

Uttar Pradesh-based Shivalik Mercantile Co-operative Bank (SMCB) has become the first urban co-operative bank (UCB) in India to receive licence from RBI to operate as a Small Finance Bank (SFB).
SMCB received the commercial banking license from banking regulator Reserve Bank of India (RBI) on January 06, 2021 to transition to a SFB, under the voluntary transition scheme.
The Shivalik Small Finance Bank (SSFB) will start its banking operations from April 2021.
Shivalik Mercantile Co-operative Bank (SMCB) headquarter - Saharanpur, Uttar Pradesh.