RBI receives 2 applications for small finance banks - Cosmea Financial Holdings and Tally Solutions

 Cosmea Financial Holdings Pvt Ltd and Tally Solutions Pvt Ltd are two entities which have applied for on tap licensing of small finance banks (SFB).

The two companies have applied under the RBI's on-tap licensing guidelines released by the central bank in December 2019.

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Cosmea Financial Holdings is a Mumbai-based company and its directors are Soumen Ghosh, and Suresh Thiruvananthapuram Viswanathan.

On the other hand, Tally Solutions is business software provider for small and medium businesses (SMBs). As per the company website, Tally's product caters to millions of users across industries in over 100 countries.

The Chairperson of the company is Sheela Goenka.

In April, the central bank had released the names of the eight institutions and individuals which had applied for on-tap licences to set up universal banks and small finance banks.

The RBI received four applications each to set up universal banks and small finance banks.

Applicants like the UAE Exchange and Financial Services, the Repatriates Cooperative Finance and Development Bank, Chaitanya India Fin Credit, and Pankaj Vaish and others applied to set up universal banks.

Similarly, VSoft Technologies, the Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and the Dvara Kshetriya Gramin Financial Services applied for the license to establish Small Finance Banks.