RBI Denies two more Requests to establish Small Finance Banks

Published : 15 April 2024
Updated : 23 May 2024
RBI Denies two more Requests to establish Small Finance Banks

The RBI has rejected two more applications from Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited to create small financing banks.

Under the guidelines for "on tap" licensing of Universal Banks and Small Finance Banks, the regulator has received 13 applications to form banks, according to the RBI's announcement on Friday.

Fino Payments Bank applied for a small finance bank license from the RBI in January of this year. In January of last year, Bhubaneswar-based microlender Annapurna Finance Private Limited applied for a universal bank license. Both applications are currently being thought over.

Bank License: Status Check

Thirteen applications have been submitted to the RBI to establish banks through the "On Tap" licensing guidelines for universal and small finance banks. Two applications are still pending review, and eleven have already been denied.

Candidates under the "On Tap" licensing guidelines for Universal Banks

1. UAE Financial Services and Exchange Limited [Dejected]
2. REPCO Bank, a cooperative finance and development bank for repatriates, was rejected.
3. Private Limited Chaitanya India Fin Credit [Dejected]
4. Among others, Shri Pankaj Vaish [Dejected]
5. In Bhubaneswar, Annapurna Finance Private Limited [Under discussion]
6. Candidates under VSoft Technologies Private Limited's "On Tap" licensing guidelines for universal banks [Dejected]