Flipkart co-founder Sachin Bansal’s Chaitanya India Fin Credit has applied to the Reserve Bank of India for a universal banking licence.
Chaitanya applied for the permit under the On-Tap Banking License Guidelines 2016 of RBI.
A go-ahead from the central bank would make Chaitanya the second microlender to secure a universal banking licence. The first to be granted this permit was Bandhan.
“Our vision is to go beyond what hitherto has been broadly defined as ‘financial inclusion’ and provide access to formal financial services using technology that people can use intuitively and easily,” Bansal was quoted by The Economic Times as saying.
After quitting Flipkart, Bansal founded Navi Technologies to invest in start-ups.
Last year, he acquired a controlling stake in Chaitanya that offers loans for housing, small business, education, and vehicles.
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Chaitanya operates across Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand. The microfinance venture was established in 2009.
Navi is currently seeking to take ownership of Chaitanya from Bansal.
“Building a universal bank is a reflection of our commitment to provide financial services to those who need them most,” Bansal noted.