The Reserve Bank of India (RBI) had unveiled names of the entities and individuals for ‘on tap’ licensing of small finance banks in the private sector on Monday.
The Cosmea Financial Holdings Pvt Limited and the Tally Solutions Pvt Limited are two new entities that have applied under the guidelines for on tap licensing of small finance banks (SFB).
Cosmea Financial Holdings directors are Soumen Ghosh and Suresh Thiruvananthapuram Viswanathan and it is based in Mumbai.
While, Tally Solutions is a business software provider for small and medium businesses (SMBs).
As per the firm's website, Tally's product caters to millions of users across industries in more than hundred countries. The Chairperson of Tally Solutions is Sheela Goenka.
In April, the RBI had released the names of the eight entities and individuals which had applied to establish universal banks and small finance banks.
The RBI received four applications for on-tap licences each to establish universal banks and small finance banks.
The RBI says that applicants such as the Repatriates Cooperative Finance & Development Bank, the UAE Exchange & Financial Services, Chaitanya India Fin Credit and Pankaj Vaish and others had applied for the license to establish universal banks under this guidelines.
At the same period, the Calicut City Service Co-operative Bank, VSoft Technologies, Akhil Kumar Gupta and the Dvara Kshetriya Gramin Financial Services had applied for the ‘on tap’ license to set up Small Finance Banks.