RBI rejects two applications for small finance bank licences

The Reserve Bank of India (RBI) has rejected two more applications for setting up small finance banks: Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private Limited.

So far, the regulator has received 13 applications to set up banks under the guidelines for ‘on tap’ licensing of Universal Banks and Small Finance Banks, RBI said in a release.

In January this year, Fino Payments Bank applied to the RBI for a small finance bank licence. Bhubaneswar-based micro-lending Annapurna Finance Private Limited applied for a universal bank licence in January last year. Both applications are still under consideration.

So far, the RBI has received 13 applications to set up banks under the Guidelines for ‘On Tap’ Licensing of Universal Banks and Small Finance Banks. Eleven applications have been rejected, while two are still under consideration.