Equitas Holdings (Equitas) has received final licence from Reserve Bank of India (RBI) to commence operations as Small Finance Bank (SFB). The SFB, to be named ‘Equitas Small Finance Bank’ (Equitas Bank), will start banking operations after receiving few other approvals from various departments of RBI and other agencies.
In June 2016, the Madras High Court had approved the amalgamation of Equitas Micro Finance (EMFL) and Equitas Housing Finance (EHFL) with Equitas Finance (EFL). On amalgamation coming into effect, Equitas Finance will be named as Equitas Small Finance Bank which will carry on the business of banking.
Equitas Holdings is a diversified financial services provider focused on individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels. Its focus customer segment includes low income groups and economically weaker individuals operating small businesses, as well as MSEs with limited access to formal financing channels on account of their informal, variable and cashbased income profile.
