On 15 June, RBI issued a notice barring foreign institutional investors, foreign portfolio investors and non-resident Indians from buying shares in Ujjivan. A similar notice was issued in July in the case of another listed small finance bank licensee, Equitas Holdings Ltd. Foreign investors in Ujjivan before the company went public included the International Finance Corp., CX Partners, India Financial Inclusion Fund, Sequoia Capital, CDC Group and NewQuest Capital. In September 2015, RBI issued small finance bank licences to Ujjivan, Equitas, Janalakshmi Financial Services Pvt. Ujjivan expects to start small finance bank operations by the first quarter of the next calendar year.

Source: Mint October 23, 2016 18:11 UTC