Equitas Small Finance Bank to commences operations in Puducherry Honorable Chief Minister V.Narayanasamy inaugurates its first branch

Prime location, easy access, great ambience, comfort and fully networked Bank branch, will provide

Fun banking experience to its customers

Puducherry, February 23, 2017: Honorable Chief Minister Shri. V.Narayanasamy today inaugurated the first branch of Equitas Small Finance Bank, a Scheduled Commercial Bank in the Union Territory.

Situated at Vallalar Salai, 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, Shri. V. Narayanasamy, Honorable Chief Minister of Union Territory of Puducherry said, “I welcome and congratulate the entire team of Equitas Bank for setting up its branch in Vallalar Salai. 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 Puducherry, I wish their entire team good luck.” 

PN Vasudevan, MD & CEO, Equitas Small Finance Bank in his address reiterated that Equitas 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 Shri. Ve. Vaithailingam, Hon’ble Speaker, Government of Puducherry, Shri. M.O.H.F Shahjahan, Hon’ble Minister of Revenue, Government of Puducherry, S.P. Mathur, IPS, Former DGP, Tamil Nadu and Dr. C K Gariyali IAS (Retd), Former Principal, Sec, Govt. of Tamil Nadu.

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.

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