In a statement on Friday, the RBI said it has completed the examination of the application of Annapurna Finance Private Limited for setting-up a universal bank.

“Based on the assessment of the application as per the procedure laid down under extant guidelines, the applicant was not found suitable for granting of in-principle approval to set up a universal bank,” it said.

The central bank had received the application under the guidelines for ‘on tap’ licensing of universal banks.