Equitas Small Finance Bank commences banking operations in Chennai

Equitas Small Finance Bank (previously known as Equitas Finance) has commenced its banking operations with 3 branches in Chennai on September 06, 2016. This is the first private sector bank from Tamil Nadu post independence. By the end of fiscal FY16-17, Equitas Bank plans to have a network of 412 branches spread across 11 states. Of these 412 branches, Equitas plans to have 50% in South, 30% in West and the remaining 20% in North.

About 25% of bank branches will be located in rural, unbanked villages. Currently the bank has advances of about Rs 6,500 crore of which about 50% is Micro Finance, about 25% is Used Commercial Vehicle Finance and the remaining in MSE and affordable housing finance.

Besides, to enable physical support to its millions of customers, Equitas plan to have a net work of Business Correspondents (BC) at branch level taking banking services right to the doorstep of its clients.