The Reserve Bank of India (RBI) on Friday, through a press release, announced its decision on a universal bank application it had received.
The Central Bank said it has completed the examination of the application by Annapurna Finance as per the procedure laid down under the extant guidelines, and the firm was not found suitable for granting of in-principle approval to set up a universal bank.
Recently, reports also suggested that Annapurna Finance witnessed a significant rise in bad debt in FY25.
