New India Co-operative Bank shareholders approve conversion to small finance bank

The move comes after a slew of regulatory changes by the RBI following the Rs 4,500-crore PMC Bank fraud and to ensure better regulation of such lenders which are heavily influenced by regional political heavyweights. NICB shareholders will now be approaching the RBI and Central Registrar of Societies for further action, the bank said.

from Banking/Finance-Industry-Economic Times https://ift.tt/30Cforr