Explanation:

• The UP-based Shivalik Small Finance Bank Limited commenced operations as a Small Finance Bank (SFB) with effect from April 26, 2021.
• It must be remembered that the Shivalik Mercantile Co-operative Bank (SMCB) is the first urban co-operative bank (UCB) in India to receive licence from RBI to operate as a Small Finance Bank (SFB).
• The bank has received the licence from RBI under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.