The RBI said that it has granted 'in-principle' approval to Centrum Financial Services to set up a small finance bank under the general 'Guidelines for 'on tap' Licensing of Small Finance Banks in the Private Sector'.
The economy had its worst contraction on record in FY21 at 7.3 per cent as the 2.5 months of unplanned lockdown announced by the centre with just a four-hour notice had crippled the economy in the first quarter with a massive 23.9 per cent contraction, which improved to -17.5 per cent in the second quarter.
