The Reserve Bank on 15th April 2021 has received four applications under the guidelines for ‘on tap’ licensing of universal banks and small finance banks they are ;1. UAE Exchange and Financial Services Limited2.The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank)3. Chaitanya India Fin Credit Private Limited4. Pankaj Vaish and others, are the applicants under the guidelines. What is “On Tap” licence? On-tap licensing means that the window for getting a bank license from RBI is open throughout the year. Earlier, RBI used to invite applications for giving bank licenses, and prospective players submitted their applications within a fixed time-frame as prescribed by RBI.
Author : Sanjay H. Indulkar