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RBI receives application from West End Housing Finance for small finance bank licence

RBI receives application from West End Housing Finance for small finance bank licence

RBI receives application from West End Housing Finance for small finance bank licence
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By CNBC-TV18 Dec 31, 2021 7:42:00 PM IST (Updated)

"The Reserve Bank of India has received an application under the Guidelines for 'on tap' Licensing of Small Finance Banks dated December 5, 2019 from West End Housing Finance Limited," RBI said in a press release.

The Reserve Bank of India (RBI) on Friday said it has received an application from West End Housing Finance under the “on-tap” small finance bank licensing guidelines of 2019, taking the total number of applicants to seven.

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"The Reserve Bank of India has received an application under the Guidelines for 'on tap' Licensing of Small Finance Banks dated December 5, 2019 from West End Housing Finance Limited," RBI said in a press release.
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Other applicants under guidelines for 'on tap' licensing of small finance banks are VSoft Technologies Private Ltd, Calicut City Service Co-operative Bank Ltd, Akhil Kumar Gupta, Dvara Kshetriya Gramin Financial Services Private Ltd, Cosmea Financial Holdings Private Ltd and Tally Solutions Private Ltd.
The guidelines for 'on tap' licensing of universal banks and SFBs in the private sector were issued on August 1, 2016 and December 5, 2019, respectively. As per the guidelines, the initial minimum paid-up voting equity capital for a universal bank should be 500 crore. Thereafter, the bank should have a minimum net worth of Rs 500 crore at all times.
The minimum paid-up voting capital/net worth for SFBs should be Rs 200 crore. In the case of urban co-operative banks desirous of voluntarily transiting into SFBs, the initial requirement of net worth is Rs 100 crore, which will have to be increased to Rs 200 crore within five years.
In March, the RBI had announced a Standing External Advisory Committee, headed by former RBI Deputy Governor Shyamala Gopinath, for evaluating applications for universal banks and small finance banks.
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