mumbai the rbi has rejected the banking licence application from flipkart cofounder sachin bansals chaitanya india fin credit along with five others because they were not found to be suitablethe other entities whose application for a banking licence the rbi rejected include the uae exchange the repatriates cooperative finance and development bank repco bank and pankaj vaish repco is a multistate cooperative society promoted by the centre in association with the governments of tamil nadu kerala karnataka and andhra pradesh vaish is a former citibanker who had subsequently worked with lehman brothers and nomura in indiabesides these the rbi has also rejected the application for a small finance bank licence by vsoft technologies and calicut city service cooperative bank vsoft technologies is a company that provides banking and payment solutions to financial institutionsuae exchange had put in an application for a bank licence when it was promoted by b r shetty the dubaibased entrepreneur since then the company has been rechristened unimoni while there are no fixed criteria the rbi puts applicants through a fit and proper test