MUMBAI: The RBI will publish the names of those interested in starting universal banks on a quarterly basis and announced that forex player and non-bank lender UAE Exchange has made a bid.
"Going forward, the Reserve Bank shall publish the names of the applicants on a quarterly basis," it said in a statement today.
The central bank, which had come out with the rules on on-tap licensing of universal banks, said UAE Exchange and Financial Services has applied for turning itself into a universal bank.
UAE Exchange is registered as a AD II category non-banking financial company in the country and has been operating from 1999 with its registered office in Bengaluru.
This will be UAE Exchange's second shot at transforming itself, after the unsuccessful application for a Small Finance Bank license.