The Reserve Bank of India (RBI) on 17 May rejected six applications for banking license in Universal Bank and Small Finance Bank license under on-tap licensing guidelines.
The central bank had earlier announced it had received 11 applications to set up bank under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks.
The central bank said, “the examination of six applications has now been completed as per the procedure laid down under these guidelines. Based on the assessment of the applications, following applicants were not found suitable for granting of in-principle approval to set up banks:”
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
The remaining applications are under examination, the central bank said.