The Reserve Bank of India (RBI) said on Tuesday the North East Small Finance Bank has commenced operations.
A small finance bank has been envisioned to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections.
The development comes after the RBI issued a licence to the North East Small Finance Bank to carry out the business of small finance bank.
"RGVN (North East) Microfinance Limited, Guwahati was one of the ten applicants which were issued in-principle approval for setting up a small finance bank, as announced... on September 16, 2015," the RBI said in a statement.
Chief negotiators for the India- EU free trade agreement will meet in New Delhi next month in a bid to find a way for the resumption of the long-stalled talks over the proposed pact.
India is planning to enhance its meteorological forecasting capability to more accurately predict severe weather in a localized manner.
Observing that there has been a notable increase in the scale and persistence of India's net foreign exchange purchases, the US Department of Treasury has told the Congress that it will closely monitor New Delhi's foreign exchange and macroeconomic policies.
"Over the first half of 2017, there has been a notable increase in the scale and persistence of India's net foreign exchange purchases, which have risen to around USD 42 billion (1.8 per cent of GDP) over the four quarters through June 2017," the Treasury said in its latest half-yearly report to the Congress.