 "RBI rejects Annapurna Finance's application for setting up universal bank")
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The Reserve Bank has rejected the application of Annapurna Finance Private Limited for setting up a universal bank.
In a statement on Friday, the RBI said it has completed the examination of the application of Annapurna Finance Private Limited for setting-up a universal bank.
"Based on the assessment of the application as per the procedure laid down under extant guidelines, the applicant was not found suitable for granting of in-principle approval to set up a universal bank," it said.
The central bank had received the application under the guidelines for 'on tap' licensing of universal banks.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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