The Reserve Bank of India (RBI) on Tuesday rejected three applications for small finance bank licences as they “were not found suitable for granting of in-principle approval.”

“The examination of three more applications for setting up a small finance bank has been completed as per the procedure laid down under extant guidelines. Based on the assessment of the applications, the following applicants were not found suitable for granting of in-principle approval to set up a small finance bank,” the RBI said in a statement.

The rejected applicants were Akhil Kumar Gupta, Cosmea Financial Holdings Private Ltd, and West End Housing Finance Ltd, the central bank said.

The remaining applications are under examination, the RBI added.