Four entities including Repco Bank, Pankaj Vaish & others, billionare Sachin Bansal-backed Chaitanya India Fin Credit and NRI tycoon B R Shetty-backed UAE Exchange and Financial Services have applied for license to start Universal Bank in India.
Those who have applied for Small Finance Bank license are VSoft Technologies, Calicut City Service Co-operative Bank, Akhil Kumar Gupta and Dvara Kshetriya Gramin Financial Services.
The Reserve Bank of India (RBI) today released the names of the applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks.
The entity backed by Flipkart co-founder Sachin Bansal announced its intent for universal bank in January 2020.
B R Shetty’s business entities have run into financial trouble and lenders have already begun legal proceedings for recovery of dues.
Last month, RBI formed a five-member Standing External Advisory Committee (SEAC) headed by former deputy governor Shyamala Gopinath to evaluate applications for Universal Banks and SFBs.
Other members of the panel include Revathy Iyer, Director, Central Board, RBI; B Mahapatra, former Executive Director, RBI; T N Manoharan, former Chairman, Canara Bank; and Hemant Contractor, former MD, State Bank of India. The tenure of this SEAC will be for three years.
RBI has issued Guidelines for ‘on tap’ Licensing of Universal Banks on August 01, 2016 and Small Finance Banks in the Private Sector on December 2019.
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