Six of eleven banking licence applications rejected by RBI



May 17, 2022 10:44 pm


The Reserve Bank of India (RBI) had received 11 applications to set up bank under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks.


Six of the eleven applications were rejected on the below grounds


Applicants not found suitable under Guidelines for ‘on tap’ Licensing of Universal Banks


  1. UAE Exchange and Financial Services Limited

  2. The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank)

  3. Chaitanya India Fin Credit Private Limited

  4. Shri Pankaj Vaish and others


Applicants not found suitable under Guidelines for ‘on tap’ Licensing of Small Finance Banks


  1. VSoft Technologies Private Limited

  2. Calicut City Service Co-operative Bank Limited


Five applications are under consideration, as mentioned by RBI in a statement. These are Cosmea Financial Holdings Pvt. Ltd, Tally Solutions Pvt. Ltd, West End Housing Finance Ltd, Akhil Kumar Gupta and Dvara Kshetriya Gramin Financial Services Pvt. Ltd, all being considered for small finance Bank licences.