“The Reserve Financial institution had introduced the receipt of an utility from VFS Capital Ltd below the Tips for ‘on faucet’ Licensing of Small Finance Banks within the press launch on January 01, 2025. It’s now communicated that VFS Capital Ltd has withdrawn its utility,” the central financial institution stated in an announcement.
VFS Capital was one of many 72 candidates which had utilized for a small finance financial institution license a decade again, when the regulator first mooted the concept of differentiated banks.
The microfinance firm began working with the underside of the pyramid debtors in 1996-97 and was one of many earlier ones to get an NBFC license. It received registered with the RBI as NBFC-MFI in September 2013.
The regulator made the appliance course of ‘on-tap’ in 2019.
