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The Reserve Bank of India has released the names of applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. There are two urban co-op banks in each category.
The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank) is one of the four applicants which has applied for Licensing of Universal Banks.
Calicut City Service Co-operative Bank is another UCB which has applied for licence under Small Finance Banks, says RBI release.
It may be recalled that 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.
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On Thursday, the Reserve Bank of India (RBI) released a list of eight entities/promoters who wish to apply for universal commercial bank and small finance bank licenses. The top contenders include Sachin Bansal’s Chaitanya India Fin Credit, forex major UAE Exchange and Dvara’s micro-finance arm.
Recently, the central bank appointed an expert committee to evaluate applicants for bank licenses. This committee will evaluate fresh applicants who wish to apply for ‘on tap’ bank licenses over the next three years, in addition to non-bank lenders and payments bank that wish to convert to an SFB or universal bank. In 2014, the RBI gave universal banking licenses to Bandhan Bank, a micro-finance lender, and IDFC Bank, a development finance company. IDFC Bank was merged with Capital First and is now called IDFC First Bank.
RBI received 8 applications to set up universal, small finance banks prokerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prokerala.com Daily Mail and Mail on Sunday newspapers.
RBI receives 8 applications for setting up banks under on tap licensing
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 and others, are the applicants under the guidelines for on tap licensing of universal banks.
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The Reserve Bank on Thursday said it has received four applications each under the guidelines for on tap licensing of universal banks and small finance 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 and others, are the applicants under the guidelines for on tap licensing of universal banks.