RBI rejects applications of 9 out of 12 entities that sought to set up banks

The Reserve Bank of India has rejected the applications of Akhil Kumar Gupta, Cosmea Financial Holdings Pvt Ltd and West End Housing Finance Ltd for setting-up a small finance bank (SFB).

RBI, in a statement, said based on the assessment of the applications, the aforementioned applicants were not found suitable for granting of in-principle approval to set up a small finance bank:

With this the central bank has rejected the applications of nine out of 12 entities that applied for a licence to set up a bank under the guidelines for ‘on tap’ licensing of universal banks and small finance banks. 

The central bank is examining the applications of Dvara Kshetriya Gramin Financial Services Pvt Ltd and Tally Solutions Pvt Ltd for setting up an SFB and Annapurna Finance for universal bank.

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