Mumbai, Oct. 28 -- In a regulatory filing, the bank said the application was returned due to non-fulfilment of the criteria laid out in the RBI's circular governing such transitions. The lender had initially submitted its proposal in June 2025.

"The RBI has returned the application made for voluntary transition to a universal bank due to non-fulfilment of the criteria mentioned in the RBI circular in this regard," Jana Small Finance Bank stated in its filing.

For an SFB to transition into a universal bank, it must meet a series of eligibility requirements laid out by the RBI. The bank should have a minimum net worth of Rs 1,000 crore and be operating as a scheduled bank with a satisfactory performance record for at least five years. Fin...