RBI rejects two more applications for setting up small finance banks

The Reserve Bank of India (RBI) has rejected two more applications for setting up small finance banks: Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited.

So far, the regulator has received 13 applications to set up banks under the guidelines for 'on tap' licensing of Universal Banks and Small Finance Banks, RBI said in a release on Friday.

In January this year, Fino Payments Bank applied to the RBI for a small finance bank licence. Bhubaneswar-based micro-lending Annapurna Finance Private Limited applied for a universal bank licence in January last year. Both applications are still under consideration. 

Bank Licence: Status Check

So far, the RBI has received 13 applications to set up banks under the Guidelines for 'On Tap' Licensing of Universal Banks and Small Finance Banks. Eleven applications have been rejected, while two are still under consideration.

Applicants under Guidelines for ‘On Tap’ Licensing of Universal Banks

UAE Exchange and Financial Services Limited [Rejected]

The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank) [Rejected]

Chaitanya India Fin Credit Private Limited [Rejected]

Shri Pankaj Vaish and others [Rejected]

Annapurna Finance Private Limited, Bhubaneswar [Under consideration]

Applicants under Guidelines for ‘On Tap’ Licensing of Universal Banks

VSoft Technologies Private Limited [Rejected]

Calicut City Service Co-operative Bank Limited [Rejected]

Shri Akhil Kumar Gupta [Rejected]

Dvara Kshetriya Gramin Financial Services Private Limited [Rejected]

Cosmea Financial Holdings Private Limited [Rejected]

Tally Solutions Private Limited [Rejected]

West End Housing Finance Limited [Rejected]

Fino Payments Bank Limited [Under consideration]