Bengaluru: The Reserve Bank of India has found Flipkart founder Sachin Bansal-owned Chaitanya India Fin Credit’s banking application to be unsuitable for an ‘on tap’ banking licence. In total, the country’s central bank rejected six applications of the 11 it received.
“Based on the assessment of the applications, following applicants were not found suitable for granting of in-principle approval to set up banks,” RBI said in a press statement.
“We just heard about it. Have to go back and analyse it,” Bansal said during a press conference on the launch of Navi Finserv’s Rs 600-crore non-convertible debentures (NCDs) issue.
UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance, and Development Bank Limited (REPCO Bank) also had their applications rejected by the RBI.
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