RBI receives 8 applications for setting up banks under ‘on tap’ licensing

RBI receives 8 applications for setting up banks under ‘on tap’ licensing

The applicants under the guidelines for ‘on tap’ licencing of universal banks are UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited, Pankaj Vaish and others. The Reserve Bank announced on Thursday that it had received four applications under the criteria for universal and small finance bank “on tap” licencing.RBI receives 8 applications for setting up banks under ‘on tap’ licensing

The Repatriates Cooperative Finance and UAE Exchange and Financial Services Limited The applicants under the guidelines for ‘on tap’ licencing of universal banks are Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited, Pankaj Vaish and others.

VSoft Technologies Private Limited, Calicut City Service Co-operative Bank Limited, Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services Private Limited are among the applicants under the criteria for ‘on tap’ licencing of small finance banks (SFBs).On August 1, 2016, and December 5, 2019, the guidelines for ‘on tap’ licencing of universal banks and SFBs in the private sector were issued.

A universal bank’s initial paid-up voting equity capital should be 500 crores, according to the guidelines. Following that, the bank must have a net worth of at least Rs 500 crore. all of the time SFBs should have a minimum paid-up voting capital/net worth of Rs 200 crore. If urban co-operative banks want to voluntarily convert to SFBs, the initial net worth threshold is Rs 100 crore, which must be increased to Rs 200 crore within five years.

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