Mumbai, Apr 15 (IANS): The Reserve Bank has received eight applications for acquiring 'on tap' licenses to set up universal banks and small finance banks.

The RBI received four applications each to set up universal banks and small finance banks.

Applicants like the UAE Exchange and Financial Services, the Repatriates Cooperative Finance and Development Bank, Chaitanya India Fin Credit, and Pankaj Vaish and others have applied to set up universal banks.

Similarly, VSoft Technologies, the Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and the Dvara Kshetriya Gramin Financial Services have applied for the license to establish Small Finance Banks.

The RBI had issued guidelines for 'on tap' 'Licensing of Universal Banks and Small Finance Banks in the Private Sector' on August 1, 2016 and December 5, 2019, respectively.

The 'on-tap' facility allows the RBI to accept applications and grant licence for banks throughout the year.

Besides, the policy allows aspirants to apply for universal bank licence any time, subject to fulfilment of set conditions.