Inside four months of Flipkart prime supporter Sachin Bansal obtaining dominant part stake in Chaitanya India Fin Credit, the microlender on Friday said it has applied to RBI for universal bank license.
Bansal had obtained Chaitanya in September with a speculation responsibility of Rs 739 crore.
The Reserve Bank, which is particular about who enters the banking brawl, had prior made universal bank licenses accessible on tap.
“Building a universal bank is an impression of our responsibility to give money related administrations to the individuals who need them most,” Bansal, CEO, Navi Technologies, which had put resources into Chaitanya said.
Chaitanya was established in 2009 and works 40 branches in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand, an official proclamation said.
RBI had suspended its act of what had transformed out into one round of authorizing for universal banks in 10 years, subsequent to choosing Bandhan and infra loan specialist IDFC as fruitful candidates among more than two dozen in the quarrel in 2013.
Among the individuals who were dismissed were mechanical combinations, businesses and furthermore a microlender.
The RBI has from that point forward turn out with crisp rules in 2016, making such licenses ‘on tap’, however made open its distress to allow in modern combinations, realty players and businesses.