RBI to publish bank applicants’ names quarterly
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.