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However, there is scope for filing the application for the universal bank again.
The reason for returning the application was due to non-fulfilment of the criteria mentioned in the RBI circular.
The in-principle nod to operate as a universal bank was granted under the RBI's process for small finance banks to graduate to universal bank status.
The RBI recently set up a committee to evaluate applications for universal banks as well as small finance banks.
The Standing External Advisory Committee has been set up by RBI to assess the eligibility of applicants seeking to operate as universal banks and small finance banks.
