Four entities apply for ‘on tap’ licensing of Universal Banks

UAE Exchange and Financial Services Ltd; The Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank); Chaitanya India Fin Credit Private Ltd and Pankaj Vaish and others have applied for

UAE Exchange and Financial Services Ltd; The Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank); Chaitanya India Fin Credit Private Ltd and Pankaj Vaish and others have applied for ‘on tap’ licensing of universal banks, the RBI said on Thursday. The applicants under guidelines for ‘on tap’ licensing of Small Finance Banks include VSoft Technologies Private Ltd; Calicut City Service Co-operative Bank Ltd; Akhil Kumar Gupta and Dvara Kshetriya Gramin Financial Services Private Ltd, it added. 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. The constitution and composition of Standing External Advisory Committee for evaluating the applications received under the aforementioned guidelines was announced on March 22, 2021.