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[RBI] Suryoday Small Finance Bank Limited Commences Operations

Suryoday Small Finance Bank Limited has commenced its operations as a small finance bank with effect from January 23, 2017.

The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

Suryoday Micro Finance Private Limited, Navi Mumbai was one of the 10 applicants which were issued in-principle approval for setting up a small finance bank, as announced in the press release on September 16, 2015.

ref: rbi press release: 2016-2017/1973 dated Jan 23, 2017

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