On-tap licence: Sachin Bansal, five other applicants rejected by RBI

11 entities had applied for on-tap bank licences since the guidelines were released by the Reserve Bank of India

The Reserve Bank of India (RBI) on Tuesday rejected applications for on-tap bank licences of six firms —four of which applied for universal bank licence and two for small finance bank.

The applications rejected by the RBI include Flipkart founder Sachin Bansal’s Chaitanya India Fin Credit Private Limited which has applied for a universal bank license. Bansal is the managing director (MD) and chief executive officer (CEO) of Chaitanya India Fin. Last year, the Enforcement Directorate served a show-cause notice to Bansal for alleged violation of FDI policy.

"We are going to understand what happened. The RBI will also get back on