Equitas ends nearly 4 per cent up after RBI nod to commence SFB operations

Shares of Equitas Holdings settled the day 3.60 per cent up in Friday trade after the company received final license from Reserve Bank of India to commence operations as Small Finance Bank (SFB).

The stock soared as much as 7.85 per cent to Rs 191.50 but settled the day 3.60 per cent up on BSE.

The SFB, to be named "Equitas Small Finance Bank Limited", will start banking operations after receiving few other approvals from various departments of RBI and other agencies.

Commenting on the development, P. N. 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 all sections of 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 further added.

Equitas Holdings Limited is a diversified financial services provider focused on individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels.