Flipkart founder Sachin Bansal’s Chaitanya India Fin Credit denied ‘on tap’ banking licence

Mumbai : The Reserve Bank of India (RBI) on Tuesday said that it has rejected six applications out of 11 it has received for on tap banking licence. The six applications, rejected by the RBI, include Flipkart founder Sachin Bansal’s ‘Chaitanya India Fin credit.

“The Reserve Bank has received 11 applications to set up bank under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. The examination of six applications has now been completed as per the procedure laid down under these guidelines. Based on the assessment of the applications, following applicants were not found suitable for granting of in-principle approval to set up banks” RBI said in a statement.

“Applicants not found suitable under Guidelines for ‘on tap’ Licensing 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, Shri Pankaj Vaish and others

Applicants not found suitable under Guidelines for ‘on tap’ Licensing of Small Finance Banks are  VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited” It added.