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
UAE Exchange and Financial Services Limited
The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank)
Chaitanya India Fin Credit Private Limited
Shri Pankaj Vaish and others
Applicants not found suitable under Guidelines for ‘on tap’ Licensing of Small Finance Banks
VSoft Technologies Private Limited
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.