Equitas Small Finance Bank, Govt. of Maharashtra to offer services to govt. employees

Equitas Small Finance Bank announced its association with the Government of Maharashtra as a banking partner with a view to offer its services to the state government employees.

The agreement will entitle Equitas Small Finance Bank to distribute salaries and allowances to the existing employees as well as make provision of pension to pensioners, thereby providing solutions to institutions and value-added services for individuals.

Bandhan Bank (down 5.71%), Karur Vysya Bank (down 3.21%), South Indian Bank (down 1.80%) are the other three banks that are assigned the role of distributing salaries, allowances to government employees. The agreement is for the liability base. The government has granted authority to Equitas Small Finance Bank to open salary and pension accounts for the existing and retired employees across 58 of its branches in Maharashtra. The bank is subject to withdrawal and disbursement of funds, the press release stated.

Equitas Small Finance Bank's standalone net profit tanked 60% to Rs 41.19 crore on a 16.4% rise in total income to Rs 991.40 crore in Q2 FY22 over Q2 FY21.

Shares of Equitas Small Finance Bank fell 1.83% to Rs 59 on BSE. Equitas Small Finance Bank is one of the largest small finance banks in India in terms of number of banking outlets and the second largest SFB in India in terms of assets under management and total deposits in FY2019.

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