RBI rejects three applications for small finance bank licences
small finance bank licences saying they «the applicants were not found suitable for granting of in-principle approval.» The central bank announced its decision on Tuesday. The rejected applicants were Akhil Kumar Gupta, vice chairman of Bharti Enterprise; Cosmea Financial Holdings, which is promoted by former Reliance Capital managing director Sam Ghosh; and West End Housing Finance.
«The examination of three more applications for setting up a small finance bank has been completed as per the procedure laid down under extant guidelines. Based on the assessment of the applications, the following applicants were not found suitable for granting of in-principle approval to set up a small finance bank,» RBI said.
The remaining applications are under examination. The RBI had received 12 applications to set up banks under 'on tap' licensing scheme.
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