The Reserve Bank of India (RBI) has returned the universal banking license application filed by Ujjivan Small Finance Bank (SFB) saying the lender must diversify it’s asset book more before applying for the license, according to an exchange filing.
“The RBI through their aforesaid letter took note of the Bank’s recent efforts towards diversification of its loan portfolio. However, they were of the view that there is scope for progress in this area. Therefore, RBI have returned the above-mentioned application and advised the Bank to consider applying again after demonstrating a diversified loan portfolio,” the notice said.
This is the second application by a SFB that the RBI has “returned” in recent past. The regulator had earlier returned Jana SFB’s universal bank license application, while giving in-principle approval to AU SFB to convert to an universal bank and granting in-principle approval to Fino Payments Bank request to transition into a SFB.
Ujjivan SFB’s gross loan book stood at Rs. 37,057 crore in Q3FY26 and group loans formed 45% of loan book.
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