Centrum Financial Services is profitable small business lending arm of the Centrum Group. Resilient Innovations is one of India's fastest-growing fintech companies.

"A new bank license has been issued after a gap of nearly 6 years, and we thank the RBI for the confidence shown in the abilities of Centrum and BharatPe,” Centrum Capital said in a statement.

The new SFB, has been incorporated as ‘Unity Small Finance Bank'. The proposed business model for the SFB is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.

Centrum's MSME and micro finance businesses shall be merged into Unity Small Finance Bank.

Jaspal Bindra, executive chairman, Centrum Group, said “We are delighted to receive the license and excited to partner with BharatPe to create this new age bank, with a strong team. We aspire to be India's first Digital Bank.”

In June this year, the RBI issued an in-principle approval to Centrum Financial Services for establishing a small finance bank (SFB) with Resilient Innovations (BharatPe).

The Central Bank had said that the “in-principle” approval had been accorded in specific pursuance to the Centrum Financial Services' offer dated 1 February 2021 in response to the expression of interest notification dated 3 November 2020 published by the Punjab & Maharashtra Co-operative Bank, Mumbai.

The SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank.

The Centrum Group has diversified fee businesses and a lending platform for institutions and individuals. institutional services include investment banking, mid-corporates & sme credit and broking to fiis, pension funds, indian mutual funds, domestic institutions etc. It also provides MSME credit, wealth management services to HNIs and family offices, affordable housing finance in tier 2 & 3 cities, micro finance loans and retail broking. Its asset management business offers funds across private debt and venture capital.

The company reported a consolidated net loss of Rs 10.53 crore in Q1 FY22 as against a net loss of Rs 12.20 crore in Q1 FY21. Total income during the quarter rose 19.2% YoY to Rs 136.34 crore.