The RBI has released the name of applicant under the guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector.
During the quarter ended December 31, 2024, the Reserve Bank of India has received one application under the Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 05, 2019 from VFS Capital Limited, the RBI said.
VFS Capital, previously known as Village Financial Services Private and headquartered in West Bengal, was incorporated in 1994 as a non-deposit taking non-banking financial company-microfinance institution (NBFC-MFI).
The company started microfinance activity in 2006 and got registered with RBI as NBFC-MFI in September 2013.
VFS provides loans to individual female members mainly from rural areas in a joint liability group (JLG) with each group consisting of five members. VFS Capital makes its entire disbursements through digital mode.