Tally Solutions Applied for RBI's Approval of Becoming Small Finance Bank

RBI has acknowledged that it has received applications for the licence of Small Finance Bank from two groups. Tally Solutions Pvt Ltd and Cosmea Financial Holdings Pvt Ltd are two entities that have applied for on-tap licensing of small finance banks (SFB).

The two companies have applied under the RBI's on-tap licensing guidelines released by the central bank in December 2019.

Cosmea Financial Holdings is a Mumbai-based company and its directors are Soumen Ghosh, and Suresh Thiruvananthapuram Viswanathan.

On the other hand, Tally Solutions is a business software provider for small and medium businesses (SMBs/SMEs). Tally Solution's product caters to millions of users across industries in over 100 countries. The Chairperson of the company is Sheela Goenka. Mr Tejas Goenka is the Managing Director of Tally Solutions and Mr Bharat Goenka is the Founder of the company.

Tally Solutions is by and large considered as a leader and trendsetter for since last more than 3 decades by introducing technology-based automation solutions for small-sized enterprises. "It is a great milestone especially when we witness an organization like Tally which has actually transformed the accounting process among MSMEs, SMEs and retailers. Today, we talk about digital transformation and how digital technologies are gaining importance. All of this started actually with the advent of organizations like Tally Solutions which actually gave real digital exposure to Small entrepreneurs by digitising their accounting," commented Faiz Askari, Founder Editor of SMEStreet.in and Secretary-General of SMEStreet Foundation.

In April, the central bank had released the names of the eight institutions and individuals who had applied for on-tap licences to set up universal banks and small finance banks.

The RBI received four applications each to set up universal banks and small finance banks.

Applicants like the UAE Exchange and Financial Services, the Repatriates Cooperative Finance and Development Bank, Chaitanya India Fin Credit, and Pankaj Vaish and others applied to set up universal banks.

Similarly, VSoft Technologies, the Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and the Dvara Kshetriya Gramin Financial Services applied for the license to establish Small Finance Banks.