Besides rejecting the application of The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank) for the license of Small Finance Banks, RBI has rejected two additional applications for setting up small finance banks.
Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited faced the recent setback, as disclosed by the RBI in a release on Friday.
The rejected applicants under the Guidelines for ‘On Tap’ Licensing of Universal Banks include UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited, and VSoft Technologies Private Limited.
Among the ongoing applications, Fino Payments Bank applied for a small finance bank license in January this year, while Annapurna Finance Private Limited, based in Bhubaneswar, applied for a universal bank license in January last year. Both applications remain under the RBI’s review.
