6 applicants not suitable for 'on tap' bank permits: RBI

The Reserve Bank of India (RBI), on Tuesday, stated that out of the 11 applications received to set up a bank under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks, six applicants were not found suitable for permits after the assessment.

India's central bank, in a public release, said that the assessment of six applications has been completed, while the remaining five applications are under still examination.

Those found not suitable for universal bank permits as per RBI’s statement are:

• UAE Exchange and Financial Services Limited
• The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank)
• Chaitanya India Fin Credit Private Limited
• Shri Pankaj Vaish and others

Those found not suitable for Small Finance Banks permits are:

• VSoft Technologies Private Limited
• Calicut City Service Co-operative Bank Limited

The RBI had announced the names of all 11 applicants via press releases on April 15, August 30 and December 31, 2021, the central bank said.