Native name | Small bank of Bank india |
---|---|
Type | Public |
NSE: EQUITASBNK BSE: 543243 | |
ISIN | INE063P01018 |
Industry | Small finance bank |
Founded | 2007 |
Headquarters | Phase-II, 4th Floor, Spencer Plaza, No-769, Anna Salai, , India |
Key people | Arun Ramanathan (Part-time Chairman) Vasudevan P N (MD & CEO) |
Services | Banking, financial services |
Revenue | ₹3,641 crore (US$460 million) [1] (FY 2021) |
₹384 crore (US$48 million) [1] (FY 2021) | |
Website | www |
Equitas Small Finance Bank (erstwhile Equitas Microfinance Ltd) is a small finance bank founded in 2016 as a microfinance lender. [2] [3] The bank has its headquarters in Chennai, and is a subsidiary of holding company Equitas Holdings Ltd. [4]
After receiving license from the Reserve Bank of India (RBI) on 30 June 2016, [5] Equitas Small Finance bank began banking on 5 September 2016. [6] With effect from 4 February 2017, Equitas became a scheduled bank. [7] However, the company failed to meet the RBI's mandate of listing within three years of starting operations. A review from the Securities and Exchange Board of India and RBI is awaited. [8]
The bank planned to build a network of 412 branches located in 11 Indian states by the end of fiscal year 2016-17. [9] However, for rendering technology oriented services, 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. [10]
On 1 March 2018, the bank was penalized ₹1 million (US$13 thousand) by the Reserve Bank of India for rolling out investment, pension, and insurance services without obtaining prior approval. [11] [12] [13]
The bank became a public company via an initial public offering (IPO) in October 2020. [14]
In 2021, Equitas Small Finance Bank partnered with the neobanking company Niyo to launch a mobile banking platform called NiyoX. [15]
On 23 November 2021, the bank announced its partnership with HDFC Bank, for a co-branded credit card. [16]
In 2021, the boards of both Equitas Small Finance Bank and its holding company, Equitas Holding Company, approved a reverse merger between the two companies. [17] The merger was completed in March 2023. [18]
Equitas Microfinance Ltd established Equitas Development Initiatives Trust (EDIT) in 2008 to provide social services. [19] In 2018, the bank committed 5% of profits to EDIT. [20]
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. [19] 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. [21]
The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore and Salboni. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.
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ESAF Small Finance Bank is an Indian small finance bank headquartered in Thrissur, Kerala, providing banking services and small loans to the underbanked. Having started its operations as an NGO in 1992 under the name of Evangelical Social Action Forum, ESAF Microfinance was a non-banking finance company and microfinance institution (NBFC-MFI), licensed by the Reserve Bank of India (RBI). It became a small finance bank in March 2017.
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Samit Ghosh is the founder of Ujjivan Financial Services Limited, and served as its managing director and chief executive officer until 31 January 2017, when he accepted an equivalent role with subsidiary Ujjivan Small Finance Bank. Prior to 2004, he held positions at Citibank, Standard Chartered, and HDFC Bank. He served as CEO of Ujjivan Financial Services till 2017. Ghosh is currently the non-executive Chairman of Ujjivan Financial Services.
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