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RBI received 8 applications to set up universal, small finance banks
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SME Times News Bureau | 15 Apr, 2021
The Reserve Bank has received eight applications for acquiring 'on tap'
licenses to set up universal banks and small finance banks.
The RBI received four applications each to set up universal banks and small finance banks.
Applicants
like the UAE Exchange and Financial Services, the Repatriates
Cooperative Finance and Development Bank, Chaitanya India Fin Credit,
and Pankaj Vaish and others have applied to set up universal banks.
Similarly,
VSoft Technologies, the Calicut City Service Co-operative Bank, Akhil
Kumar Gupta, and the Dvara Kshetriya Gramin Financial Services have
applied for the license to establish Small Finance Banks.
The RBI
had issued guidelines for 'on tap' 'Licensing of Universal Banks and
Small Finance Banks in the Private Sector' on August 1, 2016 and
December 5, 2019, respectively.
The 'on-tap' facility allows the RBI to accept applications and grant licence for banks throughout the year.
Besides, the policy allows aspirants to apply for universal bank licence any time, subject to fulfilment of set conditions.
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