Equitas gets RBI approval for SFB

Chennai-based Equitas Holdings (Equitas) has received the final licence from the Reserve Bank of India (RBI) to commence operations as a small finance bank (SFB).

A debt trap is a scenario when a person is unable to pay back the monthly dues because he or she has taken too many loans.

Chennai-based Equitas Holdings (Equitas) has received the final licence from the Reserve Bank of India (RBI) to commence operations as a small finance bank (SFB).

The SFB, to be named Equitas Small Finance Bank Limited (Equitas Bank), will start operations after receiving a few other approvals from various departments of the RBI and other agencies, said a press release on Friday.

PN Vasudevan, managing director, Equitas Holdings Limited, said, “It is indeed a proud moment for everyone at Equitas to be a first private bank from Tamil Nadu and the city of Chennai. This further takes us closer to our mission of empowering India through financial inclusion.”

“With our ability to service the informal economy through our reach and efficient process and system, we plan to cater to all sections of the society. We hope to start operations in next few months with a network of around 400 branches which would be established through the year. Through various innovations, we aim to ease the banking experience of our customers,” he said.

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