The Reserve Bank of India has released the names of applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. There are two urban co-op banks in each category.
The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank) is one of the four applicants which has applied for Licensing of Universal Banks.
Calicut City Service Co-operative Bank is another UCB which has applied for licence under Small Finance Banks, says RBI release.
It may be recalled that the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks in the Private Sector, were issued on August 1, 2016 and December 5, 2019 respectively.
The constitution and composition of the Standing External Advisory Committee for evaluating the applications received under the aforementioned guidelines was announced on March 22, 2021.