Equitas Small Finance Bank begins operations from Chennai

New Delhi, Sep 6 (PTI) Equitas Small Finance Bank(ESFBL) started its operations from Chennai today withservices opening in three branches. "Equitas Small Finance Bank today commenced itsbanking operations with three branches in Chennai. This is thefirst private sector bank from Tamil Nadu post independence,"Equitas Holdings, the parent company of ESFBL said in aregulatory filing. By the end of 2016-17 fiscal, Equitas Bank plans tohave a network of 412 branches across 11 states. Of these 412 branches, Equitas plans to have 50 percent in south, 30 per cent in west and the remaining 20 percent in north. About 25 per cent of bank branches will be located inrural, unbanked villages, said the Chennai-headquartered smallfinance bank. Equitas has advances of about Rs 6,500 crore of whichabout 50 per cent is micro finance, about 25 per cent is usedcommercial vehicle finance and the remaining is micro, smalland medium enterprises (MSE) and affordable housing finance. "As a Bank we would try customise our lending tocustomer needs and promote doorstep savings services toimprove the financial well being of the underbanked andunbanked," said Arun Ramanathan, Chairman, ESFBL. P N Vasudevan, MD & CEO, ESFBL said: "It is ourendeavour to bring a wave of freshness into banking throughour focus on making normal banking transaction ‘fun’ for thecustomers and through spreading fun and joy, we hope to impactabout 5 per cent of Indian households by 2025." Equitas Holdings share traded 1.2 per cent higher atRs 182 on BSE. PTI KPM ANUKK