RBI gets application from Cosmea Financial Holdings, Tally Solutions for small finance bank

For ‘on tap’ Licensing of Small Finance Banks The Reserve Bank of India had issued Guidelines on December 5, 2019.

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On August 30, The Reserve Bank of India (RBI) said that it has received applications for small finance bank permits, from Cosmea Financial Holdings Private Limited and Tally Solutions Private Limited.

In a release, the RBI said, “The Reserve Bank of India has received applications under the Guidelines for ‘on tap’ Licensing of Small Finance Banks dated December 5, 2019, from the following applicants – 1. Cosmea Financial Holdings Private Limited 2. Tally Solutions Private Limited.”

On August 1, 2016, and December 5, 2019, The RBI released guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks in the Private Sector.

On April 15, the names of applicants under the guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks in the Private Sector, were released by RBI.

“The applicants under Guidelines for ‘on tap’ Licensing of Universal Banks included UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited, Shri Pankaj Vaish and others,” said the RBI.

VSoft Technologies Private Limited, Calicut City Service Co-operative Bank Limited, Shri Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services Private Limited are applicants under Guidelines for ‘on tap’ Licensing of Small Finance Banks, the RBI said.