RBI rejects six bank licence applications, including Sachin Bansal's

The RBI rejected six applications to set up banks under the guidelines for 'on tap' licensing of Universal Banks and Small Finance Banks. These include an application by Flipkart Co-founder Sachin Bansal's Chaitanya India Fin Credit, a microfinance entity of Navi Technologies. The RBI said the applicant was not found suitable under guidelines for 'on tap' licensing of Universal Banks.