News > RBI rejects six applicants for on-tap bank license

RBI rejects six applicants for on-tap bank license

The Reserve Bank of India (RBI) has rejected applications of on-tap bank licenses of six entities – of which four of them applied for universal bank licence and two for small finance banks.

“The examination of six applications has now been completed as per the procedure laid down under these guidelines,” RBI said adding that based on the assessment of the applications, six of them were not found suitable for granting of in-principle approval to set up banks.