MUMBAI: Jana Small Finance Bank (SFB) on Tuesday said that the Reserve Bank of India (RBI) has returned its application to transition into a universal bank, citing non-fulfilment of the required eligibility criteria.
The bank had submitted its application earlier this fiscal year (FY26) after meeting one of the key conditions under RBI’s framework -- maintaining gross non-performing assets (NPAs) below 3 per cent and net NPAs under 1 per cent for two consecutive years.
However, the central bank said that other eligibility conditions were not met, leading to the return of the application.