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Six bank establishment applications have been rejected by the RBI

The Reserve Bank of India has rejected six applications for the establishment of banks, including minor finance institutions since they were “not considered” fit, the central bank announced on Tuesday.

The RBI stated in a statement that the review of six applications has now been completed in accordance with the rules.


According to the examination of the applications, (six) applicants were not judged acceptable for giving in-principle authorisation to establish banks.

The following applicants were found unsuitable under the guidelines for ‘on tap’ Licensing of Universal Banks: 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, among others.


The applicants that were not considered appropriate under the Guidelines for? on tap’ Licensing of Small Finance Banks are VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited, according to the RBI.

The Reserve Bank has received 11 applications under the Guidelines for? on tap’ Licensing of Universal Banks and Small Finance Banks.


The remainder applications are being reviewed, according to the central bank.

The five remaining applications are for the establishment of a small finance bank. Among the applicants are 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.