Mumbai, Oct 28 || 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.
“In continuation to our letter dated June 9, we wish to convey that the RBI has returned the application made for Voluntary Transition to Universal Bank due to non-fulfilment of the criteria mentioned in the RBI circular in this regard,” the Bengaluru-headquartered lender said in its stock exchange filing.