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RBI says 6 of 11 applicants found not suitable for bank permits: Full list

RBI announces decision on six of eleven pending applications for universal bank licence / small finance bank licence

Topics
RBI | small finance banking

BS Web Team  |  New Delhi 


photo: Bloomberg
Photo: Bloomberg

The Reserve Bank on India said it has found 6 of 11 applicants not suitable to set up bank under the guidelines for ‘on tap’ licensing of universal and small .

"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, six applicants were not found suitable for granting of in-principle approval to set up banks," said in a statement on Tuesday.

Applicants not found suitable under Guidelines for ‘on tap’ Licensing of Universal Banks:

* UAE Exchange and Financial Services Limited

* The Repatriates Cooperative and Development Bank Limited (REPCO Bank)

* Chaitanya India Fin Credit Private Limited

* Pankaj Vaish and others

Applicants not found suitable under Guidelines for ‘on tap’ Licensing of Small Banks

* VSoft Technologies Private Limited

* Calicut City Service Co-operative Bank Limited

The remaining applications are under examination, said the banking regulator.

First Published: Tue, May 17 2022. 17:22 IST

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