Equitas Holdings has received final license from Reserve Bank of India (RBI) to commence operations as Small Finance Bank (SFB).
The SFB, to be named "Equitas Small Finance Bank Limited" (Equitas Bank), will start banking operations after receiving few other approvals from various departments of RBI and other agencies.
Equitas Holdings managing director P. N. Vasudevan 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."
In June 2016, the Madras High Court had approved the amalgamation of Equitas Micro Finance Limited (EMFL) and Equitas Housing Finance Limited (EHFL) with Equitas Finance Limited (EFL).
On amalgamation coming into effect, Equitas Finance Limited will be named as Equitas Small Finance Bank which will carry on the business of banking.