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Application of Ujjivan SFB for universal bank returned

The Reserve Bank of India has returned the application of Ujjivan Small Finance Bank Ltd. for voluntary transition from small finance bank to universal bank.

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In its letter dated 13 April, the RBI took note of the bank’s recent efforts towards diversification of its loan portfolio. However, the RBI was of the view that there was scope for progress in this area, the bank said in a stock exchange filing.

Therefore, RBI has returned the application and advised the bank to consider applying again after demonstrating a diversified loan portfolio, it added.

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