Societies and companies controlled and owned by residents, professionals or residents having 10 years of experience in finance and banking would be eligible for setting up small finance bank.You can read about the Granting License for Small Finance Banks by the Reserve Bank of India (RBI) in the given link.
After conforming to the guidelines and requirements of various regulatory and legal requirements of different authorities, the existing microfinance institutions and non-banking finance companies which are controlled and owned by residents will have the permit to be the promoters and set up small finance banks.
Further readings:
- Granting License for Small Finance Banks by the Reserve Bank of India (RBI)
- RBI – Reserve Bank of India [UPSC Indian Economy Notes]
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