RBI announces Decision on two applications received under Guidelines for ‘on tap’ Licensing of Small Finance Banks

The decision on nine of these applications was announced via press releases on May 17, 2022 and July 04, 2023.

RBI announces Decision on two applications received under Guidelines for ‘on tap’ Licensing of Small Finance Banks

New Delhi: The Reserve Bank has received 13 applications to set up banks under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks. 

The names of these applicants were given in the press releases on April 15, August 30, December 31, 2021, January 04, 2023 and January 08, 2024.

The decision on nine of these applications was announced via press releases on May 17, 2022 and July 04, 2023.

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The examination of two more applications for setting up a small finance bank has been completed as per the procedure laid down under extant guidelines.

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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:

Dvara Kshetriya Gramin Financial Services Private Limited.

Tally Solutions Private Limited

Hence the above mentioned firms are not suited to be entitled for Small Finance Bank, as per RBI provision.

The remaining two applications are under examination.

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