Equitas Small Finance Bank completes three years

Small Finance Bank

Chennai based Equitas Small Finance Bank (SFB) which was founded in 2017 today completed three years of its operations. 

Small Finance Bank

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.

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