New Delhi, May 17 (IANS): The Reserve Bank of India (RBI) has rejected the applications of UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited and Pankaj Vaish and others for setting up universal banks in India.

The RBI on Tuesday announced the decision on six applications received under the guidelines for ‘on tap' licensing of universal banks and small finance banks.

The examination of six applications has now been completed as per the procedure laid down under these guidelines. Based on the assessment of the applications, six applicants were not found suitable for granting of in-principle approval to set up banks.

VSoft Technologies Private Limited and Calicut City Service Co-operative Bank Limited were not found suitable for setting up small finance banks.

The remaining applications are under examination, the RBI said.

The Reserve Bank had received 11 applications to set up banks under the guidelines for ‘on tap' licensing of universal banks and small finance banks. The names of these applicants were announced earlier.