Reserve Bank gets 2 more applications for SFB licence

The Reserve Bank of India (RBI) on Monday said it has received applications from two more entities under the “on-tap” small finance bank (SFB) licence guidelines of 2019, taking the total number of applicants who want to set up SFBS to six.

Cosmea Financial Holdings and Tally Solutions have applied for small finance bank licences, the RBI said in a statement.

Bengaluru-based Tally Solutions is a technology and innovation company, which, according to its website, delivers business software for small and medium businesses (SMBS). Incorporated in 1986, Tally Solutions is headed by Tejas Goenka, with Sheela Goenka as the chairperson, and Bharat Goenka as vice-chairperson.

On the other hand, Cosmea Financial Holdings is a Mumbai-based entity, which is involved in activities that are auxiliary to financial intermediation. It has two directors namely, Soumen Ghosh and Suresh Thiruvananthapuram Viswanathan. The firm has paid-up equity capital of ~1.51 crore and was incorporated in November 2020.

Ghosh is looking at a range of business opportunities in the financial services space. SFB is one of them. Other activities on the drawing board includes an asset management company. Ghosh is also in the process of building his team, sources said. Ghosh was associated with Reliance Capital as executive director and chief executive officer for nine years.

Previously, the RBI had received four applications under the “on-tap” SFB licence guidelines. Those who had applied for licences for SFBS were Vsoft Technologies, Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services.