Mumbai, Aug 30 (PTI) Bengaluru-based Tally Solutions Private Limited and Cosmea Financial Holdings Private Limited have applied to the Reserve Bank for small finance banks (SFBs) licences.

In April, the RBI had received four applications for 'on tap' licensing of small finance banks.

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In a statement, the Reserve Bank of India said it has received applications under the guidelines for 'on tap' Licensing of Small Finance Banks dated December 5, 2019, from Mumbai-based Cosmea Financial Holdings Private Limited and Tally Solutions Private Limited.

In the April round, VSoft Technologies Private Limited, Calicut City Service Co-operative Bank Limited, Shri Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services Private Limited had applied for the licence.

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The Guidelines for 'on tap' Licensing of Universal Banks and SFBs in the private sector, were issued on August 1, 2016, and December 5, 2019, respectively.

As per the guidelines, the initial minimum paid-up voting equity capital for a universal bank should be 500 crore. Thereafter, the bank should have a minimum net worth of Rs 500 crore at all times.

The minimum paid-up voting capital/net worth for SFBs should be Rs 200 crore. In the case of Urban Co-operative Banks desirous of voluntarily transiting into SFBs, the initial requirement of net worth is Rs 100 crore, which will have to be increased to Rs 200 crore within five years.

The RBI, in March this year, had announced the Standing External Advisory Committee, headed by former RBI Deputy Governor Shyamala Gopinath, for evaluating applications for universal banks and small finance banks.

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