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Equitas Small Finance Bank

Equitas Small Finance Bank
Small finance bank
Traded as BSE539844
NSEEQUITAS
Industry Banking, financial services
Founded 2007
Headquarters Phase-II, 4th Floor, Spencer Plaza, No-769, Anna Salai, Chennai, India
Revenue ₹1,787.41 crores (US$274 million)[1] (2018)
₹31.35 crores (US$5 million) (2018)
Total equity ₹4,891.98 crores (US$751 million) (2018)
Website www.equitasbank.com

Equitas Small Finance Bank is a small finance bank founded in 2007 by Equitas as a microfinance lender, with headquarters in Chennai, India.[2] After receiving license from the Reserve Bank of India on 30 June 2016,[3] Equitas began banking operations on 5 September 2016 as a subsidiary of holding company Equitas Holdings Ltd.[4] With effect from 4 February 2017, Equitas became a scheduled bank.[5]

The bank planned to build a network of 412 branches located in 11 Indian states by the end of fiscal year 2016-17.[6] However, the bank is heavily committed to technology, with 83% of transactions occurring online as of July 2017. This includes the bank providing an RFID sticker to pay road tolls automatically, with settlements occurring digitally.[7]

On 1 March 2018, the bank was penalized ₹1 million (US$15 thousand) by the Reserve Bank of India for rolling out investment, pension, and insurance services without obtaining prior approval.[8]

Equitas Development Initiatives Trust

Equitas Small Finance Bank established Equitas Development Initiatives Trust (EDIT) in 2008 to provide social services.[9] In 2018, the bank committed 5% of profits to EDIT.[10]

EDIT established Equitas Gurukul Matriculation Schools in 2010. By 2017, the schools were employing 400 people, and educating 5,700 students primarily from backgrounds that offered limited opportunities.[9] EDIT also has a programme called Equitas Bird's Nest that seeks to help impoverished pavement dwellers. In March 2018, EDIT celebrated the milestone of improving the quality of life for 1,300 families in Chennai through this programme.[11]

References

  1. ^ "Equitas Holdings Jan-Mar profit soars over 5-fold to Rs 35 cr". The Times of India. PTI. 27 April 2018. Retrieved 27 April 2018.
  2. ^ "Equitas Small Finance Bank ltd". Bloomberg. Retrieved 15 March 2017.
  3. ^ Narasimhan, T. E. (2 July 2016). "Equitas gets final licence for small finance bank". Business Standard India. Chennai. Retrieved 31 March 2018.
  4. ^ Narasimhan, T. E. (5 September 2016). "Equitas starts Small Finance Bank operations". Business Standard India. Chennai. Retrieved 31 March 2018.
  5. ^ "Equitas Small Finance Bank now becomes a scheduled bank". India Infoline News Service. 6 February 2017.
  6. ^ "Equitas Small Finance Bank starts operations". The Hindu Business Line. Mumbai. 6 September 2016. Retrieved 15 March 2017.
  7. ^ "Equitas Bank launches FASTag". Dataquest. 18 July 2017. Retrieved 16 March 2018.
  8. ^ Kattoor, Jose J. (8 March 2018). "Reserve Bank of India imposes monetary penalty on Equitas Small Finance Bank Limited". Reserve Bank of India. Retrieved 26 August 2018.
  9. ^ a b Thangavelu, Dharani (6 October 2017). "Strong people policies at every stage set EDIT schools apart". LiveMint. Retrieved 17 March 2018.
  10. ^ "Equitas Group commits contributing 5% of its annual profits to its Trust". India Corporate Social Responsility Network. 2 March 2018. Retrieved 17 March 2018.
  11. ^ "Equitas Small Finance Bank rehabilitates 1300 pavement dwellers in Chennai". India Corporate Social Responsibility Network. 2 March 2018. Retrieved 17 March 2018.

External links