India-based Equitas Holdings has launched its small finance banking operations in Chennai with three branches.
Equitas Small Finance Bank eventually intends to extend its branch network to 412 across 11 states by the end of fiscal year 16-17.
Of the total number of branches, 50% are expected to be located in the south India, 30% in the west India, and 20% in the north India.
Around 25% of the branches are expected to be located in rural, unbanked villages, Equitas revealed.
The bank also plans to have a net work of business correspondents at branch level to take banking services to clients’ doorsteps.
Equitas Small Finance Bank managing director and CEO PN Vasudevan said: “It is our endeavour to bring a wave of freshness into banking through our focus on making normal banking transaction `Fun’ for the customers and through spreading fun and joy, we hope to impact about 5 per cent of Indian Households by 2025.”
In June 2016, the Madras High Court approved the merger of Equitas Micro Finance and Equitas Housing Finance with Equitas Finance. Following the completion of the merger, Equitas Finance has been renamed as Equitas Small Finance Bank.
Equitas Holdings secured the final license from the Reserve Bank of India (RBI) in July 2016 to launch a small finance bank.