Money & Banking

Four applicants each apply for ‘on tap’ licenses to start universal banks, small finance banks

Our Bureau Mumbai | Updated on April 15, 2021

UAE Exchange and REPCO Bank among applicants for universal bank licence

The Reserve Bank of India (RBI) on Thursday said four applicants each have applied for “on tap” licenses to start Universal Banks and Small Finance Banks in the private sector.

The applicants under guidelines for ‘on tap’ licensing of Universal Banks are -- UAE Exchange and Financial Services Ltd, The Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank), Chaitanya India Fin Credit Private Ltd and Pankaj Vaish and others, RBI said in a statement.

The applicants under guidelines for ‘on tap’ licensing of Small Finance Banks are -- VSoft Technologies Private Ltd, Calicut City Service Co-operative Bank Ltd, Akhil Kumar Gupta and Dvara Kshetriya Gramin Financial Services Private Ltd, it added.

The guidelines for ‘on tap’ licensing of Universal Banks and Small Finance Banks in the private sector, were issued on August 1, 2016 and December 5, 2019 respectively.

The constitution and composition of the Standing External Advisory Committee for evaluating the applications received under the aforementioned guidelines was announced on March 22, 2021.

Published on April 15, 2021

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