RBI rejects banking license application of 6 out of 11 companies, Sachin Bansal of Flipkart also got a setback

Total 11 applications received for banking license.

RBI has roped in Sachin Bansal-led Chaitanya India Fin Credit Pvt Ltd of Flipkart to form banks. Including the applications of a total of six companies were rejected.

reserve Bank of India (RBI) has rejected six applications for formation of banks. Among them are applications related to the establishment of small finance banks. The Reserve Bank said in a statement that these applications have been rejected after being found not suitable. The central bank said, the process of scrutiny of these applications has been completed according to the prescribed criteria. During this it was found that these applications are not fit for in-principle approval for setting up of banks. in this Flipkart ,Flipkart) co-founder Sachin Bansal-led Chaitanya India Fin Credit Private Limited.

The applications found inappropriate in the bank category were from UAE Exchange & Financial Services Ltd., Repatriates Co-operative Finance and Development Bank Ltd., Chaitanya India Fin Credit Pvt. Ltd. and Pankaj Vaish and others. Whereas in the small finance bank category, VSoft Technologies Pvt. Ltd. and Calicut City Services The applications of The Cooperative Bank Ltd. have been found to be inappropriate.

Total 11 applications received for banking license

A total of 11 applications were received by RBI under the Banks and Small Finance Banks category. Thus five applications still remain a part of the licensing process. The central bank said that the remaining applications are still being examined.

The remaining applications pertain to the establishment of Small Finance Banks. These applications have been made by West End Housing Finance Limited, Akhil Kumar Gupta, Regional Rural Finance Services Private Limited, Cosmi Financial Holdings Private Limited and Tele Solutions Private Limited.

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