The Reserve Bank said it has rejected six applications for setting up banks, including for small finance banks, as these were not found suitable.
RBI received 11 applications to set up banks under the guidelines for on-tap licensing of universal banks and small finance banks. The examination of six applications has now been completed as per the procedure laid down under these guidelines. Based on the assessment of the applications, the following applicants were not found suitable for granting of in-principle approval to set up banks:
Applicants not found suitable under guidelines for on-tap licensing of universal banks: UAE Exchange and Financial Services, The Repatriates Cooperative Finance and Development Bank (REPCO Bank), Chaitanya India Fin Credit, Shri Pankaj Vaish and others.
Applicants not found suitable under guidelines for on-tap licensing of small finance banks: VSoft Technologies, Calicut City Service Co-operative Bank. The remaining applications are under examination.
