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Only 1 Application Received for On-Tap Licencing Private Universal Banks: RBI
July 07, 2017
The Reserve Bank of India said that it has received only one application, from UAE Exchange and Financial Services, for the ‘on tap’ licensing of universal banks in the private sector. It added that all the names of the bank license applicants will be put on the official RBI website for ensuring transparency.
In August last year, RBI had released on tap licensing guidelines for the universal banks in the private sector and given a green signal to the industrial entities to invest as much as 10% in them.
