To apply for conversion to a universal bank, the SFB must have been operating satisfactorily for at least five years, have its shares listed on a recognised stock exchange, maintain a minimum net worth of Rs 1,000 crore (as audited), meet capital adequacy standards, and demonstrate consistent profitability with low levels of bad loans over the past two years.
SFBs came into existence after RBI decided to issue differentiated licences to banks that give small loans and for payment banks. Most of these banks are erstwhile NBFCs or microfinance companies that have chosen to apply for bank licences. There are currently 12 SFBs. While there is no mandatory requirement for a specific promoter, the ownership structure already approved by RBI should remain unchanged.
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