RBI rejects six banking license applications

The examination of the six applications was conducted as per the guidelines and then the necessary decisions were taken

Reserve Bank of India has rejected six applications submitted to set up banks as it did not find them suitable for “granting of in-principle approval to set up banks”. According to the reports, the examination of the six applications was conducted as per the guidelines and then the necessary decisions were taken. “Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks,” RBI said in its statement.

The applicants who did not fit the criteria for ‘on tap’ licensing of universal banks are UAE Exchange and Financial Services Limited; The Repatriates Cooperative Finance and Development Bank Limited, Chaitanya India Fin Credit Private Limited, and Pankaj Vaish. While on the other hand, the applications that did not fit the criteria for ‘on tap’ Licensing of Small Finance Banks are VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited.

West End Housing Finance Limited, Tally Solutions Private Limited, Akhil Kumar Gupta, Dvara Kshetriya Gramin Financial Services Private Limited, and Cosmea Financial Holdings Private Limited, are a few of the applicants that participated to set up small finance banks.

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