Chennai-based Equitas Holdings has secured the final license from the Reserve Bank of India (RBI) to launch a small finance bank (SFB).
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The new SFB, which will be named as Equitas Small Finance Bank Limited, will begin operations after securing the nod of various departments of RBI and other agencies.
The bank received the in-principle approval from RBI to set up small finances bank in September 2015.
Equitas Holdings managing director P. N. Vasudevan said: "With our ability to service the informal economy through our reach and efficient process and system, we plan to cater all sections of society.
"We hope to start operations in next few months with a network of around 400 branches which would be established through the year. Through various innovations, we aim to ease the banking experience of our customer."
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By GlobalDataLast month, the Madras High Court gave the go-ahead to the amalgamation of Equitas Micro Finance (EMFL) and Equitas Housing Finance (EHFL) with Equitas Finance (EFL). Following the completion of the merger, Equitas Finance will be named as Equitas Small Finance Bank.
