Equitas Holdings hopes to launch banking services soon

Financial services firm Equitas Holdings will start its banking operations once it receives the remaining approvals from RBI and other agencies.
"Equitas Small Finance Bank Ltd (Equitas Bank) will start banking operations after receiving few other approvals from various departments of RBI and other agencies," the Chennai-based company said in a statement.
Managing Director of Equitas Holdings Ltd P N Vasudevan said: "It is indeed a proud moment...To be the first private bank from Tamil Nadu and Chennai. We hope to start operations in next few months with a network of around 400 branches which would be established through the year."

In September 2015, the bank had received the in-principle approval from RBI for launching the small finance bank to provide basic banking services to small farmers and micro-industries.
The company earlier this year had raised Rs 2,200 crore through its Initial Public Offer(IPO), which will be used to fund business expansion plans, to meet working capital requirements and to repay loans and other general corporate purposes, the statement said.
Last month, the Madras High Court had approved the amalgamation of Equitas Micro Finance Ltd and Equitas Housing Finance Ltd with Equitas Finance Ltd, it added.