Applicants Line Up For RBI’s On-Tap Banking Licences

Universal Bank License Aspirants

UAE Exchange

UAE Exchange and Financial Services, which has now changed its name to Unimoni Financial Services, had previously applied for a universal banking license in India in June 2017 after the RBI opened up the application process for on tap licensing, the regulator had said on its website. The company provides loans, payments and wealth management services, according to details available on its website.


REPCO Bank is a multi-state cooperative bank set up by the government in 1969. It was set up for the purpose of promoting rehabilitation activities for repatriates from neighbouring countries, mainly from Sri Lanka and Burma (now Myanmar). The bank is operational in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Kerala and the Union Territory of Puducherry.

Chaitanya India Fin Credit

Flipkart co-founder Sachin Bansal-led Chaitanya India Fin Credit is a microlender operating in seven states, covering over 5 lakh customers. It provides loans in segments like housing, income generation, agriculture, animal husbandry, trade and small businesses, among others. As of March 2020, the company’s assets under management stood at Rs 881 crore, up 54% year-on-year, according to its last available annual report. The company was taken over by Bansal’s Navi Finserv in September 2019, and had applied for a universal bank license in January 2020.

Pankaj Vaish and Others

Vaish is a former Citi banker, who had led the markets vertical in India, Mexico and the U.K. Previously, he served as managing director and head of equities at Nomura Securities. He is currently chief investment officer at New York-based PV Capital Management LLC.

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