Equitas up 4% as co gets final RBI nod to start small bank

Equitas Holdings shares rose by nearly 4 per cent today after it received final licence from Reserve Bank to launch a Small Finance Bank (SFB) and it will commence operations in a few months with around 400 branches.
The stock gained 3.60 per cent to settle at Rs 183.95 on BSE. During the day, it surged 7.85 per cent to Rs 191.50.
On NSE, it rose 3.4 per cent to close at Rs 183.75.
On the volume front, 9.58 lakh shares of the company were traded on BSE and over 49 lakh shares changed hands at NSE during the day.

"The SFB, to be named Equitas Small Finance Bank (Equitas Bank), will start banking operations after receiving few other approvals from various departments of RBI and other agencies," the company said in a release.
The company hopes to start operations in the next few months with a network of around 400 branches, which would be established through the year.
"It is indeed a proud moment for everyone at Equitas to be a first Private Bank from Tamil Nadu and the city of Chennai," said P N Vasudevan, Managing Director, Equitas Holdings.
Equitas Holdings lends to individuals, micro and small enterprises that are underserved by formal financing channels.