BusinessRBI rejects 6 out 11 bank license applications, including Sachin Bansal's company...

RBI rejects 6 out 11 bank license applications, including Sachin Bansal’s company for not eligible

A total of 11 applications were received by RBI for Universal Bank and Small Finance Bank, out of which the investigation of 6 applicants has been completed.

The Reserve Bank said on May 17 that after investigation, it has been found that 6 applicants are not eligible for Small Finance Bank License and Universal Bank License.

Applicants who were found not to be eligible for Universal Bank Permit include UAE Exchange & Financial Services Limited, The Repatriates Cooperative Finance & Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited and Mr. Pankaj Vaish, among others. Chaitanya India Fin Credit is a company owned by Sachin Bansal.

Whereas the companies which have not been found eligible for the Small Finance Bank permit. Among them are VSoft Technologies Pvt Ltd and Calicut City Service Co-Operative Bank Ltd.

RBI said, the remaining applicants are still under investigation.

A total of 11 applications were received by RBI for Universal Bank and Small Finance Bank. Out of these, the investigation of 6 applicants has been completed. RBI said that 6 applicants have not been found fit to be given in-principle approval to set up the bank.


Read Also | RBI New Rule Effect Apple India users Cant Use Debit, Credit Cards for App Purchases


The rest of the applicants who are under investigation include Akhil Kumar Gupta, Dwara Regional Rural Financial Services Pvt Ltd, Cosmia Financial Holdings Pvt Ltd, Tally Solutions Pvt Ltd and West End Housing Finance Ltd.

Related Stories