The Reserve Bank has received 12 applications to set up bank under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. The names of these applicants were announced vide press releases on April 15, August 30, December 31, 2021 and January 04, 2023. The decision on six of these applications was announced vide press release on May 17, 2022.

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:

1. Shri Akhil Kumar Gupta

2. Cosmea Financial Holdings Private Limited

3. West End Housing Finance Limited

The remaining applications are under examination.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/534