RBI to pub­lish bank ap­pli­cants’ names quar­terly

Banking Frontiers - - Regulator -

The Re­serve Bank of In­dia said it will pub­lish the names of en­ti­ties in­ter­ested in start­ing uni­ver­sal banks on a quar­terly ba­sis. It also dis­closed that forex dealer UAE Ex­change has made an ap­pli­ca­tion. A state­ment from the cen­tral bank said go­ing for­ward, it will pub­lish the names of the ap­pli­cants on a quar­terly ba­sis. RBI had ear­lier come out with a pol­icy frame­work on on-tap li­cens­ing of uni­ver­sal banks. UAE Ex­change is reg­is­tered as an AD II cat­e­gory non-bank­ing fi­nan­cial com­pany and it has been op­er­at­ing from 1999 with its reg­is­tered of­fice in Bengaluru. This will be UAE Ex­change’s sec­ond at­tempt at trans­form­ing it­self, af­ter it could not get the li­cense ear­lier for a small fi­nance bank.

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