 "RBI")
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.
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 "Sanjay Malhotra, RBI")
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 "money, financial, cash, rupee")
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