New Delhi: A total of 8 applications have been received by the Reserve Bank of India (RBI) under the guidelines on 'on tap' anytime for application for license. This includes four applications for universal banks offering all types of services and four for small finance banks (SFBs). Guidelines for on-tap licensing to Universal Banks and SFB (Universal Banks and Small Finance Banks) in the private sector were released on August 1, 2016, and December 5, 2019, respectively.

UAE Exchange & Financial Services, The Repatriates Cooperative Finance & Development Bank Ltd. (REPCO Bank), Chaitanya Indian Fin Credit Pvt. Ltd., And Pankaj Vaishya, and others have applied for the license of Universal Bank under 'On Tap' licensing guidelines. At the same time, under 'On Tap' guidelines for Small Finance Bank, Visoft Technologies Pvt. Ltd. (VSoft Technologies Pvt), Calicut City Service Cooperative Bank Ltd., Akhil Kumar Gupta, and Regional Rural Financial Services Pvt. Ltd. Has applied

According to the guidelines, the minimum paid-up voting equity capital for Universal Bank should be Rs 500 crore. In such a situation, the minimum net worth of the bank at all times should be 500 crores. In the case of SFB, the minimum paid-up voting capital / net worth has been fixed at Rs 200 crore. If an urban cooperative bank wants to be voluntarily converted into SFB, the initial requirement of net worth is Rs 100 crore. It will need to raise 200 crores in five years.

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