Chennai, July 1 (IANS) City-based Equitas Holdings Ltd. on Friday said it had got the final licence from the Reserve Bank of India to start operations as small finance bank.
In a statement issued here, the company said the bank will be named ‘Equitas Small Finance Bank Ltd.’ and will start once other regulatory approvals are in place.
“We hope to start operations in the next few months with a network of around 400 branches which will be established through the year,” P.N. Vasudevan, managing director, Equitas Holdings Ltd., was quoted as saying in the statement.
In June 2016, the Madras High Court had approved the amalgamation of Equitas Micro Finance Limited and Equitas Housing Finance Limited with Equitas Finance Limited.
With the amalgamation coming into effect, Equitas Finance Limited will be named Equitas Small Finance Bank, which will carry on the business of banking, the statement added.