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flag India's central bank denied Jana SFB's bid to become a universal bank, citing unmet criteria, despite strong finances.

flag The Reserve Bank of India has returned Jana Small Finance Bank’s application to become a universal bank, citing failure to meet certain eligibility criteria, though specific reasons were not provided. flag The bank, which met key asset quality benchmarks, plans to review feedback and reapply. flag The decision, a setback for its expansion goals, comes after AU Small Finance Bank received in-principle approval for the same transition. flag Jana SFB’s shares dipped following the news, despite its strong financial performance and large customer base.

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