Cosmea, Tally Solutions seek SFB nod

Updated on Aug 31, 2021 06:09 AM IST

The firms have applied under RBI’s on-tap licensing norms released in December 2019. According to data from the Registrar of Companies (RoC), Mumbai-based Cosmea Financial Holdings was incorporated on November 24, 2020, with a paid-up capital of ₹1.51 crore. It has two directors, Soumen Ghosh and Suresh Thiruvananthapuram Viswanathan.

In April, RBI said eight institutions and individuals applied for on-tap licences to set up universal banks and small finance banks.(REUTERS)
In April, RBI said eight institutions and individuals applied for on-tap licences to set up universal banks and small finance banks.(REUTERS)
Livemint | ByShayan Ghosh, Mumbai

The Reserve Bank of India (RBI) on Monday said it has received applications from Cosmea Financial Holdings Pvt. Ltd and Tally Solutions Pvt. Ltd to set up small finance banks (SFBs).

The firms have applied under RBI’s on-tap licensing norms released in December 2019. According to data from the Registrar of Companies (RoC), Mumbai-based Cosmea Financial Holdings was incorporated on November 24, 2020, with a paid-up capital of 1.51 crore. It has two directors, Soumen Ghosh and Suresh Thiruvananthapuram Viswanathan.

Tally Solutions, a business management software solutions company, has a paid-up capital of 36 crore and was set up on November 8, 1991. Based in Bengaluru, its directors include Bharat Goenka, Sheela Goenka, Tejas Goenka, Nupur Goenka and Bhakti Manoj Modi.

In April, RBI said eight institutions and individuals applied for on-tap licences to set up universal banks and small finance banks. UAE Exchange and Financial Services Ltd, Repatriates Cooperative Finance and Development Bank Ltd, and Chaitanya India Fin Credit Pvt. Ltd—an entity owned by Flipkart co-founder Sachin Bansal—sought licences for universal banks. Non-bank UAE Exchange had applied unsuccessfully for a banking licence in 2017.

VSoft Technologies Pvt. Ltd, Calicut City Service Co-operative Bank Ltd, Akhil Kumar Gupta and Dvara Kshetriya Gramin Financial Services Pvt. Ltd showed interest in setting up small finance banks, RBI said in April.

Earlier this year, RBI set up a panel led by former deputy governor Shyamala Gopinath to evaluate applications for universal and small finance banks, which are mandated to focus on priority sector lending and small loans. The last time RBI handed out universal bank licences was in 2014, when it allowed IDFC Ltd and Bandhan Financial Services.

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