The Universal Banking Licensing Guidelines state that resident individuals and professionals with 10 years experience in banking and finance at a senior level are eligible to promote Universal Banking.
The Reserve Bank of India (RBI) on Thursday announced the names of the candidates as part of its lobbying licensing window for universal banks and small financial banks (SFBs). The list includes a foreign exchange service provider, two cooperative banks and a former banker.
Applicants for the Universal Bank Pressure Licensing Guidelines are UAE Exchange and Financial Services, The Rapatriates Cooperative Finance and Development Bank (Repco Bank), Chaitanya India Fin Credit, and Pankaj Vaish and others. Candidates seeking licenses for SFBs are VSoft Technologies, Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services.
Guidelines for the direct authorization of universal banks and private sector MFIs were published on August 1, 2016 and December 5, 2019, respectively. The constitution and composition of the permanent external advisory committee responsible for evaluating applications received under the guidelines was announced on March 22, 2021.
Universal Banking Licensing Guidelines state that resident individuals and professionals with 10 years experience in banking and finance at a senior level are eligible to promote Universal Banking. Large industrial houses are excluded as eligible entities but are allowed to invest in banks up to 10%. The non-operational financial holding company (NOFHC) has been made non-compulsory in the event that the promoters are natural persons or autonomous promotion / conversion entities which / do not have other group entities.
For SFBs, the minimum requirement of paid-up voting share capital / net worth will be Rs 200 crore. For Primary (Urban) Cooperative Banks (UCBs) wishing to voluntarily transit through SFBs, the initial net worth requirement will be Rs 100 crore, which will need to be increased to Rs 200 crore within five years from the date of filing. start of business. The net worth of all SFBs currently in operation exceeds Rs 200 crore.
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