Jana Small Finance Bank said that the Reserve Bank of India has returned its application to become a universal bank due to non-fulfilment of criteria.

The Small Finance Bank’s managing director and chief executive, Ajay Kanwa, said that in the communication received late on Monday evening, the regulator has not spelt out the exact reasons for returning the application made in June this year.

“We will soon figure out what the answer really is, and we will rectify as per the expectations. We have to keep in mind that this is a return and not a rejection,” Kanwal told PTI.

Kanwal said he will discuss the exact reasons for returning its universal bank application with the RBI top brass later this week, and then rectify them before the bank reapplies.

However, he did not give a timeline

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