BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Individuals
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Trusts
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Corporates
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All of the above
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Detailed explanation-1: -Existing Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs), and Local Area Banks (LABs) that are owned and controlled by residents can also opt for conversion into small finance banks.
Detailed explanation-2: -Resident individuals/professionals with 10 years of experience in banking and finance; and Companies and Societies owned and controlled by residents will be eligible as promoters to set up small finance banks.
Detailed explanation-3: -History. The company was founded by Sanjay Agarwal (managing director and CEO of AU Small Finance Bank) as a private limited company, and publicly listed in an IPO on 29 June 2017. A merit holder Chartered Accountant and a first generation entrepreneur, he holds 28.5% stake in the Bank.
Detailed explanation-4: -Basel II norms will be generally applicable to the small finance banks, unless stipulated otherwise. The promoters shall hold a minimum of 40 per cent of the paid-up voting equity capital of the bank at all times during the first five years from the date of commencement of business of the bank.