Mumbai, June 18, 2021 – The Reserve Bank of India (RBI) has issued an In-principle approval to Centrum Financial Services Limited (Centrum), the established and profitable NBFC arm of the Centrum Group, to establish a Small Finance Bank (SFB). Resilient Innovations Private Limited (BharatPe), one of India’s fastest-growing fintech companies, will be an equal partner.

The RBI’s in-principle approval is a validation of Centrum’s proven expertise in financial services and BharatPe’s Digital Leadership, both essential for setting up a New Age Bank. Starting off with existing capabilities of an NBFC and a Fintech, active and potential customer base, digital reach and technology, should enable the SFB to scale up quickly.

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

Commenting on the development, Jaspal Bindra, Executive Chairman, Centrum Group, said “We are delighted that a new banking license will be issued to an NBFC after a gap of nearly 6 years and would like to thank the RBI for the opportunity and confidence shown in us. We are excited to partner with BharatPe to create this new-age bank, with a strong team.”

“We are delighted at the opportunity to build a high-performing technology-led Small Finance Bank serving the payment, investment and credit needs of the under-served. With Centrum as our partner, we are confident that we can create a world-class institution that provides a differentiated and superlative experience to retail customers as well as small businesses.” added Ashneer Grover, CEO and Co-Founder, BharatPe.

Centrum and BharatPe Set To Create India’s First Digital Small Finance Bank Receives Banking License from Reserve Bank of India

Mumbai, October 12, 2021 – The Reserve Bank of India (RBI) has today issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services Limited (Centrum), the established and profitable small business lending arm of the Centrum Group and Resilient Innovations Private Limited (BharatPe), 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.

The new SFB, has been incorporated as ‘Unity Small Finance Bank’. Unity as a name has tremendous significance on many counts for both Centrum and BharatPe. It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.

Centrum’s successful MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank. Commenting on the development, Jaspal Bindra, Executive Chairman, of 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.”

Link: Press Release_Unity SFB – 12 Oct.pdf (
⦁ Centrum Launches its Maiden Rs. 500 crores Private Equity Fund – Kalpavriksh
Mumbai, November 08, 2016: The Centrum Group, a leading domestic financial services organization, today announced the launch of its maiden Private Equity Fund – Kalpavriksh.

The Rs. 500 crore fund has a life of 5 years with a 2-year extension and will focus on investing in the Indian Consumption Growth story. The fund will invest in mid-sized, unlisted companies with growth potential in Fintech, Education Tech, Healthcare, and FMCG sectors. Giri Krishnaswamy, who has over 24 years of experience with organisations like Inditrade, Nestle, and Ranbaxy, has been brought on board to head the fund as the Chief Investment Officer.

Jaspal Bindra, Chairman, Centrum Group said, “We are extremely pleased to launch our first PE fund, adding another product offering to our diverse range of services. Kalpavriksh is the first in the series of PE funds that we will raise. There is an increased appetite from domestic HNIs to be a part of sophisticated investment vehicles such as private equity funds. The sectors that we are focusing on are purely demand-driven and have the potential of growing multi-fold over the next 4-5 years. We will continue to launch innovative products and explore new investment opportunities for our clients.”

Centrum also has a partnership with India Property Advisors Ltd. (IPAL), which is a real estate private equity fund. IPAL recently closed its Rs. 200 crore Residential Opportunities Fund, a bulk-buying apartment fund.

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Ignis Capital is in fund-raising stage and its investment team has been associated with Centrum Group. Centrum Group’s Startup portfolio is its current or past portfolio entities. The portfolio in relation to the performance of Centrum Group may be selective in nature and may not necessarily be representative of the expected performance of Ignis Capital in relation to the management and operation of Ignis Capital Fund.