Four applicants each apply for ‘on tap’ licenses to start universal banks, small finance banks April 15, 2021 UAE Exchange and REPCO Bank among applicants for universal bank licence The Reserve Bank of India (RBI) on Thursday said four applicants each have applied for “on tap” licenses to start Universal Banks and Small Finance Banks in the private sector. The applicants under guidelines for ‘on tap’ licensing of Universal Banks are -- UAE Exchange and Financial Services Ltd, The Repatriates Cooperative Finance and Development Bank Ltd (REPCO Bank), Chaitanya India Fin Credit Private Ltd and Pankaj Vaish and others, RBI said in a statement.