The Reserve Bank has rejected six functions for organising banks, together with for small finance banks, as these had been “not found” appropriate, the central financial institution stated on Tuesday.
The RBI in a press release stated the examination of six functions has now been accomplished as per the process laid down underneath the rules.
“Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks,” it stated.
Applicants not discovered appropriate underneath the rules for ‘on tap’ Licensing of Universal Banks are: UAE Exchange and Financial Services Limited; The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank); Chaitanya India Fin Credit Private Limited, and Pankaj Vaish and others, it stated.
The RBI additional stated the candidates not discovered appropriate underneath Guidelines for ‘on tap’ Licensing of Small Finance Banks are: VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited.
The Reserve Bank had acquired 11 functions to arrange financial institution underneath the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks.
The remaining functions are underneath examination, the central financial institution added.
The remaining 5 functions are for organising of small fiance financial institution. West End Housing Finance Limited, Akhil Kumar Gupta, Dvara Kshetriya Gramin Financial Services Private Limited, Cosmea Financial Holdings Private Limited, and Tally Solutions Private Limited are among the many candidates.
Source: www.financialexpress.com”