RBI rejects microfinance bank application by Akhir Gupta and two others

Finance


Applications for microfinance banking licenses filed by Akhil Kumar Gupta, Cosmea Financial Holdings Private Limited and West End Housing Finance have been rejected by the Reserve Bank of India (RBI).

Applications for microfinance banking licenses filed by Akhil Kumar Gupta, Cosmea Financial Holdings Private Limited and West End Housing Finance have been rejected by the Reserve Bank of India (RBI).

Reserve Bank of India (RBI) announced on May 17 that among 12 applications received by the regulator for the establishment of microfinance banks, Vsoft Technologies Private Limited and Calicut City Services Cooperative Bank Limited rejected the application.

Reserve Bank of India (RBI) announced on May 17 that among 12 applications received by the regulator for the establishment of microfinance banks, Vsoft Technologies Private Limited and Calicut City Services Cooperative Bank Limited rejected the application.

The RBI said, “The examination of three further applications for the establishment of microfinance banks has been completed in accordance with the procedures set out in the current guidelines.” Based on the application review, it was determined that the following applicants are ineligible for approval in principle to establish a microfinance bank. “

The RBI said, “The examination of three further applications for the establishment of microfinance banks has been completed in accordance with the procedures set out in the current guidelines.” Based on the application review, it was determined that the following applicants are ineligible for approval in principle to establish a microfinance bank. “

Last May, RBI rejected applications from VSoft Technologies Pvt and Calicut City Service Co-operative Bank Ltd to set up a microfinance bank. These applications were part of a total of seven applications received by the RBI under the ‘on-tap’ licensing guidelines for setting up microfinance banks.

Last May, RBI rejected applications from VSoft Technologies Pvt and Calicut City Service Co-operative Bank Ltd to set up a microfinance bank. These applications were part of a total of seven applications received by the RBI under the ‘on-tap’ licensing guidelines for setting up microfinance banks.

The remaining two applicants, Dvara Kshetriya Gramin Financial Services Pvt Ltd and Tally Solutions Private Ltd, are currently under review by RBI.

The remaining two applicants, Dvara Kshetriya Gramin Financial Services Pvt Ltd and Tally Solutions Private Ltd, are currently under review by RBI.

Furthermore, in May 2022, the RBI did not grant approval in principle to four entities that had applied to establish a universal bank under the On-Tap Licensing Guidelines.

Furthermore, in May 2022, the RBI did not grant approval in principle to four entities that had applied to establish a universal bank under the On-Tap Licensing Guidelines.



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