RBI Denies Ujjivan Small Finance Bank Universal Status
The RBI rejected Ujjivan Small Finance Bank's universal license bid today. The regulator cited a need for more loan diversification before the lender reapplies.
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UJJIVAN SMALL FINANCE BANK L announced on Monday that the central bank of India has turned down its application to transition to universal bank status. The regulator cited the need for greater diversification of the lender's loan book as the primary reason for the decision.
The Reserve Bank of India (RBI) took note of the bank's recent efforts toward diversifying its loan portfolio but concluded that there remains significant scope for progress in this area. The lender disclosed the regulatory feedback in a recent stock exchange filing.
