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Equitas gets final licence from RBI, to launch bank soon

Equitas Holdings had received in-principle approval from RBI for launching the small finance bank in Spetember

Press Trust of India  |  Chennai 

P N Vasudevan, MD, Equitas Holdings
P N Vasudevan, MD, Equitas Holdings

Financial services firm has received final licence from Reserve Bank to commence operations as a small finance bank. "Equitas Small Finance Bank Ltd (Equitas Bank) will start banking operations after receiving few other approvals from various departments of and other agencies," the city-based company said in a statement. "It is indeed a proud moment for everyone at Equitas to be a first private bank from and the city of Chennai," Equitas Holdings' Managing Director said. "We hope to start operations in next few months with a network of around 400 branches which would be established through the year," he added. In September, had received in-principle approval from for launching the small finance bank to provide basic banking services to small farmers and micro-industries. The company earlier this year raised Rs 2,200 crore via its initial public offer, which will be used to fund business expansion plans, to meet working capital requirements and to repay loan and other general corporate purposes. Last month, had approved amalgamation of Equitas Micro Finance Ltd and Equitas Housing Finance Ltd with Equitas Finance Ltd, it said.

First Published: Fri, July 01 2016. 17:07 IST
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