The Reserve Bank of India rejected three applications for small finance bank licences saying they “the applicants were not found suitable for granting of in-principle approval.”
The central bank announced its decision Tuesday.
The rejected applicants are Akhil Kumar Gupta; Cosmea Financial Holdings, which is promoted by former Reliance Capital managing director Sam Ghosh; and West End Housing Finance.
“The examination of three more applications for setting up a small finance bank has been completed as per the procedure laid down under extant guidelines. Based on the assessment of the applications, the following applicants were not found suitable for granting of in-principle approval to set up a small finance bank,” RBI said.
Three remaining applications are under examination.
The RBI had received 12 applications to set up banks under ‘on tap’ licensing scheme. Out of this, overall nine failed to get RBI’s nod including the six which were rejected last year.