RBI releases names of applicants under ‘on tap’ license scheme

Reported by: |Updated: April 19, 2021

The Reserve Bank of India has released the names of applicants under the ‘on tap licensing scheme’ for universal banks and small finance banks. It said it has received applications from the following entities under the 2 categories:

Universal Banks: UAE Exchange and Financial Services, The Repatriates Cooperative Finance and Development Bank (REPCO Bank), Chaitanya India Fin Credit and Pankaj Vaish, and others.

Small Finance Banks: VSoft Technologies, Calicut City Service Cooperative Bank, Akhil Kumar Gupt, and Dvara Kshetriya Gramin Financial Services.

RBI had issued guidelines for ‘on tap’ licenses for universal banks and small finance banks in the private sector on 1 August 2016 and 5 December 2019 respectively. It also announced the constitution and composition of the Standing External Advisory Committee for evaluating the applications under the guidelines on 22 March 2021.