Besides REPCO Bank and Calicut City Service Co-operative Bank, RBI has also rejected applications from some non-cooperative entities for a SFB licence.
According to Indian Express reports, the RBI rejected applications received from Cosmea Financial Holdings, West End Housing Finance and Akhil Kumar Gupta to start small finance banks in the private sector.
All of them had applied to the RBI for beginning small finance banks in 2021. The RBI had received a total of seven applications for setting up small finance banks under the guidelines for ‘on-tap’ license.
