RBI rejects small finance bank application of Akhil Gupta, two others

The Reserve Bank of India has rejected the applications of Akhil Kumar Gupta, Cosmea Financial Holdings Private Limited and West End Housing Finance for granting a small finance bank licence.

The regulator has received 12 applications for setting up small finance banks. On May 17, RBI rejected the application of  V Soft Technologies Private Limited and Calicut City Service Co-operative Bank Limited.

“The examination of three more applications for setting-up a small finance bank has been completed as per the procedure laid down under extant guidelines. Based on the assessment of the applications, the following applicants were not found suitable for granting of in-principle approval to set up a small finance bank,” RBI said on Tuesday while rejecting the applications.