Don’t think that management ever said that immediately after reverse merger they would apply for universal banking license. All they said at various instances was that first their focus is on completion of reverse merger before applying for Universal Banking licence. And obvious reason being that balance sheet & capital adequacy improved meaningfully post reverse merger. They have for the first time given timeline of applying in this financial year in June,2024 at the analyst meet in Mumbai.
I would like to believe that ideal time to apply for Universal Banking licence is post March, 2025 results. But they might apply, as already communicated by them, in Q4 of current financial year.
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