Are small finance banks safe?

Yes, small finance banks are safe as they are regulated by the Reserve Bank of India (RBI). The deposits in small finance banks are insured by Deposit Insurance Credit Guarantee Corporation (DICGC) upto Rs 5 lakhs. You can read about the Granting License for Small Finance Banks by the Reserve Bank of India (RBI) in the given link.

Further readings:

  1. Types of Banks in India – Category and Functions of Banks in India
  2. RBI – Reserve Bank of India [UPSC Indian Economy Notes]

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