On September 16, 2015, Reserve Bank of India granted “in-principle approval” to 10 financial institutions including RGVN (North East) Micro Finance Limited to set up NORTH EAST SMALL FINANCE BANK LIMITED.
It is the only institution in the North-Eastern state of India to get this recognition for the establishment of a small finance bank.
In order to fulfill the conditions laid down under “In-principle approval” and other prescribed guidelines issued by RBI under Small Finance Bank, a new entity i.e. “North East Small Finance Bank Limited” with CIN-U 65100AS2016PLC017505 was incorporated on 25th July 2016 as a subsidiary as was included. Its parent company is RGVN (North East) Micro Finance Limited.
Some of the most reputed organizations in India and abroad viz. SIDBI Venture Capital Limited (Samidhi Fund), M/s RNT Associates Pvt Ltd, M/s PI Venture LLC, Norwegian Micro Finance Initiative, M/s Diya Vikas Capital and IDBI Bank have expressed their confidence in our organization and agreed to partner with Huh. RGVN (NE) MICROFINANCE LTD for transformation into banking business of “Small Finance Bank”.
We have designed various asset and liability products to meet the financial needs of our clients hitherto deprived of formal banking and other financial services.
The Bank has commenced its banking business vide RBI Press Release dated 17th October 2017