The New India Co-operative Bank (NICB) announced that its conversion to a small financing bank has been approved by its shareholders. The action was taken following the implementation of certain RBI regulation revisions. At a special general body meeting, the resolution was approved by NICB shareholders. According to the statement, the choice was made in accordance with the Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs). has a net value of Rs 230 crore, according to vice chairman Hiren Bhanu, compared to the Rs 200 crore that is legally necessary. It also has strong financial indicators, such as less than 0.5% net non-performing assets and capital adequacy of more than 12%. The bank, which has operations in Gujarat and Maharashtra, stated that it is in a good technological position and was confident that it would be able to achieve all the requirements to become a small financing bank.