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Detailed explanation-1: -The Reserve Bank of India (RBI) on Tuesday issued a small finance bank licence to a consortium of Centrum Financial Services Ltd and Resilient Innovations Pvt. Ltd (BharatPe), Centrum said in an exchange filing. The new SFB has been incorporated as ‘Unity Small Finance Bank’.

Detailed explanation-2: -Ujjivan Small Finance Bank Limited commences operations 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.

Detailed explanation-3: -It is advised that “Unity Small Finance Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR. LIC.

Detailed explanation-4: -The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022.

Detailed explanation-5: -The Reserve Bank of India on Tuesday granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India.