Punjab based Capital Local Area Bank – First small finance bank starts operations

Punjab headquartered CAPITAL LOCAL AREA BANK introduced the nation’s first Small Finance bank “Capital Small Finance Bank Limited” and after getting the approval from Reserve bank of India.

About Capital Small Finance Bank Limited:

Branches: 10 (Currently)
Managing Director: Sarvjit Singh Samra
Headquarter: Punjab
Focus: Neighbouring states for branch expansion in the following years

• Reserve bank of India gave approval for 10 companies to set up Small finance banks which are allowed basic banking services and the Capital small finance bank ltd is one among them. From the date of approval, 18 months provided to align with rules and start their operations.
• The bank took seven months after in-principle licenses accorded to start the operations.

Features:

1. The New small finance bank will work seven days a week
2. Capital Local area bank has been working for 16 years

Managing Director Views:

• Rural was deprived of Modern banking facilities and their working time is limited. In order to alleviate the difficulties, Capital Local bank introduced.
• And he added that Capital local bank will be working for 7 days a week with 43 banking hours a week.
• The bank has 47 branches in Punjab and they would expand the Branch network across Punjab and strengthen the Bank

About Punjab:

• Captial: Chandigarh
• Governor: Kaptan Singh Solanki
• Chief Minister: Parkash Singh Badal