<h1>Small Finance Bank Gets RBI Approval to Convert into Universal Bank Under April 2024 Framework</h1> The Reserve Bank granted in-principle approval to a small finance bank to transition into a universal bank, marking the first such approval under RBI's voluntary conversion framework. The bank, operational since 2017, applied for this status under the RBI's 'on tap' licensing guidelines and the April 2024 framework. This regulatory nod recognizes the bank's robust business model, governance, and commitment to financial inclusion. The bank currently operates over 2,500 branches across multiple states and union territories, serving more than 11 million customers, with substantial financial metrics including significant shareholder funds, deposits, and loan portfolios. The approval enables the bank to offer a full range of banking products and services, expanding its capacity to serve retail, business, and digital customers. The bank also reported a 16% increase in net profit for the quarter ending June 30, 2025.