Banking & FinanceCurrent Affairs

NESFB began its service and operation

North East Small Finance Bank (NESFB) which is the first small bank of North India has started its services on 16 February. On 31 March 2017, Rashtriya Gramin Vikas Nidhi (RVGN) (North East) Microfinance Limited received the Small Finance Bank License from the Reserve Bank of India (RBI).  North East Small Finance Bank (NESFB): Assam’s finance minister Himanta Biswa Sarma and TATA Trust chairman Ratan Tata launched the first 28 branches of NESFB.  Tata has invested Rs.40 crore through his investment arm RNT Associates in the bank. North East Small Finance Bank Ltd has a net worth of Rs.300 crore. The bank is supported by the infusion of funds from domestic and overseas investors. The bank will carry out banking services in remote and unbanked areas of India’s eight northeastern states and in West Bengal.

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