RBI Rejects Annapurna Finance's Bid for a Universal Bank

The Reserve Bank of India (RBI) has turned down the application from Annapurna Finance Private Limited to set up a universal bank, according to an official statement released on Friday.

Following a thorough examination of the application under existing guidelines, the central bank concluded that Annapurna Finance did not meet the necessary criteria for receiving in-principle approval.

This application was submitted as part of the ongoing 'on tap' licensing process, allowing interested parties to apply for establishing a universal bank at any time under the stipulated guidelines.

(With inputs from agencies.)