Equitas Small Finance Bank today commenced its banking operations with 3 branches in Chennai. This is the first private sector bank from Tamil Nadu post independence.
Speaking on the occasion, N.Rangachari, Chairman, Equitas Holdings Limited, who is the Chairman since inception in 2007 said, "Equitas has earned high reputation as a very fair and transparent organization from its diverse stakeholders. Converting into a bank would help us provide a rounded service in empowering the under served".
Here are 5 things to know about Equitas Bank:
Equitas Finance Ltd
Equitas Small finance bank previously known as Equitas Finance Ltd started its operations on September 5, 2016. The bank offers a range of banking and financial products that address the requirements of all customer segments.
Equitas Bank plans to have a network of 412 branches spread across 11 states. Of these 412 branches, Equitas plans to have 50% in South, 30% in West and the remaining 20% in North by the end of fiscal FY16-17.
Advances of about Rs 6,500 crore
About 25 per cent of bank branches will be located in rural, unbanked villages. Currently the bank has advances of about Rs 6500 crore of which about 50% is Micro Finance, about 25% is Used Commercial Vehicle Finance and the remaining in MSE and affordable housing finance.
To enable physical support to its millions of customers, Equitas plan to have a net work of Business Correspondents (BC) at branch levl taking banking services right to the doorstep of its clients.
Assets Under Management
As of June 30, 2016, the consolidated AUM is about 6,500 crores out of which half is microfinance, 25% used commercial vehicle finance and rest MSE.