Tally Solutions, Cosmea Fin apply for on tap SFB licence

IN APRIL, RBI HAD RELEASED NAMES OF EIGHT INSTITUTIONS, INDIVIDUALS APPLYING FOR BANK LICENCES

MUMBAI: Bengaluru-based Tally Solutions Private Limited and Mumbaibased Cosmea Financial Holdings Private Limited have applied to the Reserve Bank for small finance banks (SFBs) licences.

The Reserve Bank of India said it has received applications under the guidelines for 'on tap' Licensing of Small Finance Banks dated December 5, 2019, from Mumbai-based Cosmea Financial Holdings Private Limited and Tally Solutions Private Limited.

Cosmea Financial Holdings is a Mumbai-based company and the 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.

The Guidelines for 'on tap' Licensing of Universal Banks and SFBs in the private sector, were issued on August 1, 2016, and December 5, 2019, respectively.

As per the guidelines, the initial minimum paid-up voting equity capital for a universal bank should be 500 crore.

Cosmea Financial Holdings is a Mumbai-based company while Tally Solutions is business software provider for small and medium businesses