Submitted by admin on April 18th, 2024
The Reserve Bank of India wants to set up small finance banks. They have recently rejected two more applications towards achieving their goal: Tally Solutions Private Limited and Dvara Kshetriya Gramin Financial Services Private Limited.
So far, the regulator has received 13 applications for setting up banks under the guidelines for ‘on tap’ licensing of Small Finance Banks and Universal Banks, as per a statement released by the RBI on Friday. Two of these applications are still under consideration whereas the rest 11 have been rejected.
In January, 2024, Fino Payments Bank applied to the Central Bank of India for a small finance bank license. Micro-lending Annapurna Finance Private Limited, which is based in Bhubaneswar, applied for a universal bank license in January 2023. RBI is yet to take decisions regarding both applications.
Applicants under Guidelines for ‘On Tap’ Licensing of Universal Banks
VSoft Technologies Private Limited [Rejected]
Calicut City Service Co-operative Bank Limited [Rejected]
Shri Akhil Kumar Gupta [Rejected]
Dvara Kshetriya Gramin Financial Services Private Limited [Rejected]
Cosmea Financial Holdings Private Limited [Rejected]
Tally Solutions Private Limited [Rejected]
West End Housing Finance Limited [Rejected]
Fino Payments Bank Limited [Under consideration]
Applicants under Guidelines for ‘On Tap’ Licensing of Universal Banks
UAE Exchange and Financial Services Limited [Rejected]
The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank) [Rejected]
Chaitanya India Fin Credit Private Limited [Rejected]
Shri Pankaj Vaish and others [Rejected]
Annapurna Finance Private Limited, Bhubaneswar [Under consideration]
Int Rates : 10.5% - 22%
Loan Amount: ₹ 1,00,000.00
Maximum Tenure - 7 Years
Lowest EMI : ₹ 1,686
Interest Rate 13.99% - 24.99%
Loan Amount: ₹ 1,00,000.00
Maximum Tenure – 5 Years
Lowest EMI : ₹ 2,326
Interest Rate 9% - 13%
Loan Amount: ₹ 1,00,000.00
Maximum Tenure – 20 Years
Lowest EMI : ₹ 1,014
Interest Rate 8.40% - 12%
Loan Amount : ₹ 1,00,000.00
Maximum Tenure – 35 Years
Lowest EMI – ₹ 739
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