RBI Rejects Six Applications for Setting Up of Banks

Under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks, the Reserve Bank has received 11 applications to establish banks. These applicants’ identities were released in news announcements on April 15, August 30, and December 31, 2021.

Six applications have now been examined in accordance with the approach outlined in these guidelines. Based on the application evaluation, the following applicants were deemed unsuitable for providing in-principle authorisation to establish banks:

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

1. UAE Exchange and Financial Services Limited

2. The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank)

3. Chaitanya India Fin Credit Private Limited

4. Shri Pankaj Vaish and others

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

1. VSoft Technologies Private Limited

2. Calicut City Service Co-operative Bank Limited

The remaining applications are under examination.

For Official Press Release Download PDF Given Below: