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

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 banks and small finance banks. 

"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 RBI 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 Finance 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 Finance Banks

* VSoft Technologies Private Limited

* Calicut City Service Co-operative Bank Limited

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