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Tally Solutions seeks small finance banking license

Financial technology company Tally Solutions and Cosmea Financial Holdings, a Maharashtra-based firm incorporated as recently as in November 2020 have applied for a small finance bank license, Reserve Bank of India announced on Monday.

These firms thus joined VSoft Technologies, Calicut City Service Co-operative Bank, Dvara Kshetriya Gramin Financial Services and Akhil Kumar Gupta in seeking to set up small finance banks under the central bank’s on-tap licensing policy.

Gupta, the vice chairman at Bharti Enterprises Sources, applied for the license in his personal capacity.

In March, the banking regulator formed a five-member standing external advisory committee under former deputy governor Shyamala Gopinath for evaluating the applications.

RBI’s central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, former

managing director Hemant G Contractor are members of the committee.

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