Equitas Small Finance Bank to commences operations in Hyderabad

Hyderabad, March 01, 2017: Honorable Finance Minister E. Rajender today inaugurated the irst branch of Equitas Small Finance Bank, a Scheduled Commercial Bank in the Telangana State.

Situated at Paradise, the Chennai headquartered first private bank from Tamil Nadu post-independence, will be offering gamut of banking services to its customers in line with its vision to provide fun-banking experience to them.

Speaking on the occasion, E. Rajender, Honorable Finance Minister of Telangana State said, “I welcome and congratulate the entire team of Equitas Bank for setting up its branch in Paradise. The need of the hour is to bring about a change in banking habits in the citizens. And I believe that Equitas Bank is doing very good work at the grassroots level by educating its customers to develop the habit of going digital for all banking-related things. On behalf of the citizens of Hyderabad, I wish their entire team good luck.” 

HKN Raghavan, Country Head, Equitas Small Finance Bank in his address reiterated thatEquitas Bank strives to provide customers with new age banking experience driven by technological advancement.

“Our mission is to reach out to every stratum of the society and empower the country through financial inclusion. We are extremely delighted to open our branch in the Union Territory of Puducherry and look forward to serve the customers out here.It will be our whole hearted endeavor on making normal banking transaction `Fun’ for our customers”.

To grace the occasion, other dignitaries present were  Koppula Eshwar, Govt. Chief Whip, Telangana State Legislative Assembly, B. Krishna Mohan , Zonal Manager – Equitas Small Finance Bank and  Satish Kumar Tunga  State Head- Telangana Equitas Small Finance Bank.

With a vision to serve 5% of Indian Households by 2025, Equitas Bank already has over 150 functional branches providing an array of banking services to its customers.

About Equitas Small Finance Bank Limited [ESFBL]

Equitas Small Finance Bank Limited is a Small Finance Bank (SFB), licensed by Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949 to carry on the business of Small Finance Bank.  The Bank has commenced the business of SFB on September 5, 2016. It is the first Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.

ESFBL was formed by the Merger of two wholly owned subsidiaries of EHL viz., Equitas Micro Finance Limited [EMFL] and Equitas Housing Finance Limited [EHFL] with Equitas Finance Limited [EFL].  

ESFBL, with pan India operations, is focussed on providing financing solutions for individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels while providing a comprehensive banking and digital platform for all.

True to its tag line – “Its Fun Banking”, the bank offers customized savings products with a focus towards giving children, youth, families and entrepreneurs across India, a new and a fun way to bank.

By Q1FY18, ESFBL plans to roll out the entire network of 412 bank branches spread across 13 States in India. Of these 412 branches, 50% will be in South, 30% in West and the remaining 20% in North. About 25 per cent of the bank branches will be located in rural, unbanked villages. Currently, the bank has an AUM of around Rs.7,181 Cr, of which about 49% is contributed by Micro Finance, 26% by Used Commercial Vehicle Finance and the remaining 24% by MSE and affordable Housing Finance.

-Press note