Chennai based Equitas Small Finance Bank (SFB) which was founded in 2017 today completed three years of its operations.
Equitas SFB, a microfinance lender, received the license from the Reserve Bank of India (RBI) on June 2016. The bank began its operations from 5 September 2016 as a subsidiary of holding company Equitas Holding Ltd.
Equitas SFB is the first private sector bank post-Independence from the state of Tamil Nadu. It is also the first one to introduce the facial recognition-based authentication for its mobile app. This allows customers to log in to their mobile banking application without the hassle of remembering the passwords.
It became a scheduled bank from February 2017.
Equitas SFB has an asset base of Rs 12,300 crore. The bank also has a well-diversified loan book, which is split into loans for small and medium-sized businesses (SMEs), microfinance firms, commercial vehicle, and agriculture.