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Flipkart Billionaire Fails to Secure India Bank Permit

  • RBI panel finds all applicants not suitable to run full banks
  • Central bank also rejects two small finance bank applicants
Sachin Bansal
Sachin BansalPhotographer: Hemant Mishra/Mint/Hindustan Times/Getty Images

The Reserve Bank of India on Tuesday rejected all four applications seeking new universal banks, including that by billionaire Sachin Bansal, co-founder and former chief executive officer of e-commerce platform Flipkart.

Bansal’s Chaitanya India Fin Credit Pvt., the micro finance arm of his fintech platform Navi Technologies, didn’t make the cut for running full-fledged banks in India, the RBI said in a statement on its website.