RBI rejects 6 applications for setting up banks

The Reserve Bank of India on Tuesday said that four applications for on-tap universal banks and two applications for on-tap small finance banks were rejected as they were not found fit.

The rejected applications include

1. Sachin Bansal-led Chaitanya India Fin Credit Private Limited,

2. UAE Exchange and Financial Services Limited,

3. REPCO Bank

4. 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 Reserve Bank had received 11 applications to set up bank under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. The RBI said remaining applications are under examination.

“The examination of six applications has now been completed as per the procedure laid down under these guidelines,” the RBI said on a statement. “Based on the assessment of the applications, applicants were not found suitable for granting of in-principle approval to set up banks.”

The applications not found suitable under guidelines for ‘on tap’ small finance banks include VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited.