RBI receives two more applications for SFB licence

Cosmea Financial Holdings Pvt Ltd and Tally Solutions Pvt Ltd have applied to the RBI for an 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 licensing guidelines of 2019, taking the total number of applicants to six.

Cosmea Financial Holdings Pvt Ltd and Tally Solutions Pvt Ltd have applied to the RBI for a small finance bank licence, RBI informed in a statement. 

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

On the other hand, Cosmea Financial Holdings Pvt Ltd is a Mumbai-based entity, which is involved in activities, which are auxiliary to financial intermediation. It has four directors namely, Soumen Ghosh, Lav Ramji Chaturvedi, Mihir Kanak Sundhani, and Amit Agarwal. Ghosh was previously associated with Reliance Capital as its executive director and chief executive officer for nine years. 

Previously, the RBI had received four applications under the “on-tap” SFB licensing guidelines. Those who had applied for licence for small finance banks (SFBs) were VSoft Technologies, Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services.