Mumbai, June 10 -- The application has been filed in line with the RBI's guidelines for 'on tap' licensing of Small Finance Banks issued on 5 December 2019, and the subsequent circular on voluntary transition to universal banks dated 26 April 2024.

Universal banks provide a comprehensive range of financial services that go beyond traditional commercial and investment banking, often including offerings like insurance. Until now, small finance banks (SFBs) have largely been focused on basic banking activities such as accepting deposits and lending to underserved and unserved segments of the population.

In 2016, the Reserve Bank of India introduced the concept of on-tap licensing, allowing banks to apply for licenses throughout the year in...