Four entities apply for universal bank, four others for SFB licence

Entity backed by Flipkart co-founder Sachin Bansal announced its intent for universal bank in Jan 2020

Four entities — Repco Bank, Chaitanya India Fin Credit, UAE Exchange and Financial Services, and Pankaj Vaish and others — have applied for licence to start a universal bank in the country.

Those who have applied for licence for small finance banks (SFBs) are VSoft Technologies, Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services.

The Reserve Bank of India (RBI) on Thursday released the names of the applicants under the guidelines for “on tap” licensing of universal banks and SFBs.

Chaitanya India Fin Credit, the entity backed by Flipkart founder Sachin Bansal, had expressed its interest in