Shivalik first UCB to convert into SFB

Shivalik Mercantile Co-operative Bank Limited has become the first urban cooperative bank (UCB) that has been granted 'in-principle' permission to convert into a small finance bank by the Reserve Bank of India (RBI).
The move comes after the RBI had announced a scheme on voluntary transition of UCB into a SFB on September 27, 2018.
The 'in-principle' approval will be valid for 18 months, within which Shivalik Mercantile Co-operative Bank had to comply with the norms of a SFB. 

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