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    Home » RBI rejects six applications for bank license under on-tap framework, including Sachin Bansal’s Chaitanya India Fin Credit
    Policy

    RBI rejects six applications for bank license under on-tap framework, including Sachin Bansal’s Chaitanya India Fin Credit

    Six of the eleven applicants were not found suitable by RBI for granting of in-principle approval to set up banks.
    May 17, 20221 Min ReadBy editor
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    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

    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

    The remaining applications are under examination, the central bank said.

    Banking License On Tap RBI Sachin Bansal
    Previous ArticleKotak Group unveils Kotak Private, a comprehensive platform for UHNIs and HNIs
    Next Article RBI Governor advises banks to remain watchful of recent geo-political developments and take proactive measures
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