RBI Returns Jana Small Finance Bank’s Application for Universal Bank Licence:
The Reserve Bank of India (RBI) has returned Jana Small Finance Bank’s (SFB) application to convert into a universal bank, saying it did not meet all the required criteria. The application, submitted in June 2025, was sent back by the regulator late Monday eveningJana SFB’s Managing Director and CEO, Ajay Kanwal, clarified that this is a return, not a rejection of the bank’s application. He said the RBI did not specify the exact reasons but assured that the bank will identify and fix the issues soon. Kanwal plans to meet RBI officials later this week to understand the specific gaps before resubmitting the application.
