ECONOMY

Tally Solutions Seeks Small Finance Bank Licence

Tally Solutions Ltd., a company that provides enterprise resource planning software to small businesses, is among the applicants for a small finance bank licence.

In a release on Monday, the Reserve Bank of India said that two other firms had applied for a licence:

The new applicants join a list of four that are already in queue for a licence to operate a small finance bank. These licences are now available on-tap but have to be vetted and approved by a special committee set up under the leadership of former RBI Deputy Governor Shyamala Gopinath.

Earlier applicants include: VSoft Technologies, Calicut City Service Cooperative Bank, Akhil Kumar Gupta, Dvara Kshetriya Gramin Financial Services.

Tally Solutions

Tally describes itself as a company delivering business software to small and medium enterprises. It was set up three decades ago and claims to have a presence across 100 countries through a network of 28,000 partners.

According to a Business Standard article dated 2013, Tally counted Mukesh Ambani as a large shareholder. BloombergQuint could not independently confirm Ambani’s current shareholding in the company, if any.

The company is co-founded by Bharat Goenka, a former close aide of Ambani.

Cosmea Financial Holdings

Cosmea Financial Holdings is a company involved in activities linked to financial intermediation, according to public information available on Zauba Corp, a website which provides corporate information. The company was incorporated in 2020.

No further details are available.

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