RBI Not Impressed with Six Applications For Small Finance Banks

The Reserve Bank of India (RBI) said it has found six applicants not suitable for permits of small finance bank licences and universal bank licences.

Those who have not been found suitable for 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 Shri Pankaj Vaish and others.

The firms that have not been found suitable for licensing of small finance banks are VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited.

The RBI has received 11 applications to set up bank 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, RBI said in a statement. All the six firms that have been examined are not found suitable.

"The remaining applications are under examination," the RBI said.