Equitas Small Finance Bank Ltd

Overview

  • Founded Date 1 January, 1900
  • Sectors Banking/NBFC/MFI
  • Posted Jobs 51
  • Viewed 728
  • Company Size Large Cap

Company Description

Equitas Small Finance Bank is a small finance bank founded in 2007 by Equitas as a microfinance lender, with headquarters in Chennai, India.[2] After receiving license from the Reserve Bank of India (RBI) on 30 June 2016,[3] Equitas began banking on 5 September 2016 as a subsidiary of holding company Equitas Holdings Ltd.[4] With effect from 4 February 2017, Equitas became a scheduled bank.[5] However, the company missed on RBI’s mandate of listing within 3 years of commencement of its operations. Review from the Securities and Exchange Board of India and RBI is awaited.[6]

The bank planned to build a network of 412 branches located in 11 Indian states by the end of fiscal year 2016-17..[7] However, the bank is heavily committed to technology, with 83% of transactions occurring online as of July 2017. This includes the bank providing an RFID sticker to pay road tolls automatically, with settlements occurring digitally.