Money Control quotes REPCO Bank officials as saying the bank will appeal against the regulator’s decision to reject its application for a universal bank licence.
Sources close to the REPCO bank say the bank is mulling an appeal to RBI for reconsideration of its application.
Incidentally, earlier REPCO Bank’s application for a small finance bank permit through Repco Microfinance had been rejected by RBI.
It is said the bank is awaiting clarification from the RBI to know the reasons for the rejection of its application.