Sachin Bansal’s Chaitanya India applies for Universal Banking License
Within four months of Flipkart co-founder Sachin Bansal acquiring majority stake in Chaitanya India Fin Credit, the microlender applied to RBI for a universal bank license.
Bansal had acquired Chaitanya in September with an investment commitment of Rs 739 crore.
The Reserve Bank, which is very selective about who enters the banking fray, had earlier made universal bank licenses available on tap.
If given a license, Chaitanya will be the second microlender after the West Bengal-focused Bandhan to be granted a universal banking license. Other microlenders operate as small finance banks.
"Building a universal bank is a reflection of our commitment to provide financial services to those who need them most," Bansal, chief executive, Navi Technologies, which had invested in Chaitanya...