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8 new banks to be opened in the country, RBI has released names of universal and small finance banks

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There are four applications for setting up universal banks offering all types of services and four for small finance banks (SFBs).

Reserve Bank of India

A total of eight applications have been received by the Reserve Bank of India (RBI) under the guidelines of ‘on tap’, that is, to apply for a license anytime. This includes four applications for setting up universal banks offering all types of services and four for small finance banks (SFBs). UAE Exchange & Financial Services Ltd., UAE Exchange & Financial Services Ltd., The Repatriates Cooperative Finance & Development Bank Ltd. (REPCO Bank), Chaitanya India Fin Credit Pvt Ltd (Chaitanya India Fin Credit) and Pankaj Vaish) and others have applied for a universal bank license under the ‘On Tap’ licensing guidelines.

Flipkart co-founder Sachin Bansal acquired a majority stake in Chaitanya with an investment commitment of Rs 739 crore in September 2019. Bansal is the Managing Director and Chief Executive Officer (CEO) of Chaitanya.

These applications came for Small Finance Bank

At the same time, under ‘On Tap’ guidelines for Small Finance Banks (SFB), Visoft Technologies Pvt. Ltd. (VSoft Technologies), Calicut City Service Cooperative Bank Ltd. (Calicut City Service Cooperative Bank), Akhil Kumar Gupta and Regional Rural Financial Services Pvt. (Dvara Kshetriya Gramin Financial Services) has applied.

Guidelines for on tap licensing to universal banks and SFBs in the private sector were issued on August 1, 2016 and December 5, 2019, respectively.

Criteria for Universal Bank

According to the guidelines, the minimum paid-up voting equity capital for Universal Bank should be Rs 500 crore. In such a situation, the minimum net worth of the bank should be Rs 500 crore at all times. In case of SFB, the minimum paid-up voting capital / net worth should be Rs 200 crore.

If an urban co-operative bank wants to be voluntarily converted into SFB, then the initial requirement of net worth is Rs 100 crore. It will need to make 200 crores rupees in 5 years.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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