RBI rejects Sachin Bansal-backed Chaitanya India Fin Credit’s application for universal bank
Image Credit: shortpedia
The Reserve Bank of India on Tuesday announced that it rejected Chaitanya India Fin Credit Private Limited’s application to obtain a Universal Bank license. The rejection is a setback for the Sachin Bansal-backed firm’s bid to set up a full-service banking platform. The Navi group, under which CIFCPL comes, was gearing up for an IPO. The RBI’s rejection may imperil that plan.