Equitas Small Finance Bank is one among the 12 Small Finance Banks in India, which was granted banking license by RBI to specially focus on the underserved and underbanked segment of India.
The Bank has more than 25,000 Crores of Advances and Deposits with its business presence spread across 18 States and Union Territories. The Bank is operating with 900+ banking outlets across India and with more than 20,000 people employed across various functions.
Equitas started its journey in the year 2007 as a Micro Finance Company Head Quartered in Chennai, India. In the year 2016, the Bank has commenced its operation as a banking unit. It has started with its objective to bring the unbanked and underserved segment into the formal financial sector. With the aim to serve the aspiring entrepreneurs and small scale business owners, major of the Bank’s loan products in Micro Finance segment are more targeted towards Loan against Property for Small Scale Business Owners, Commercial Vehicle finance, Affordable housing finance, MSE loans for the MSME segment of India and NBFC financing etc. Focusing on women customers who aspire to become self-sufficient and financially independent, the Bank primarily offers income generating loans to Self-Employed Women group. Majority of the Bank’s deposit customers are mass affluent representing from metro and tier-1 cities.
For Equitas Small Finance Bank, Financial Inclusion is one of the key parameter since its inception. In line with its goal, the Bank has many products that are exclusive for women and has immensely helped women customers. Bank’s micro finance loans which are Joint Liability group loans has majority of its customers as women. These loans are provided to underserved women to ensure that they can be included in the formal financial system and can become financially independent. The women borrower of this loan engage in home scale business with the help of the loan. Bank also has exclusive saving account for its women customer named ‘Eva’ which comes with many exclusive benefits associated with it. The Bank is also looking to launch women exclusive credit card and exclusive loan to MSE with the ambition to create future women owners.