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Equitas Holding

Jul 01, 2016, 10.44 AM | Source: Moneycontrol.com Equitas Holdings soars 8%, RBI issues small finance bank licence Equitas Finance will be named as Equitas Small Finance Bank which will carry on the business of small finance bank, the company said in a statement. In June, Madras High Court had approved amalgamation of Equiatas Micro Finance and Equitas Housing Finance with Equitas Finance.

Shares of Equitas Holdings soared 8 percent intraday on Friday as it has received final approval for small finance bank licence by RBI under Section 22 the Banking Regulation Act. Equitas Finance will be named as Equitas Small Finance Bank which will carry on the business of small finance bank, the company said in a statement. In June, Madras High Court had approved amalgamation of Equiatas Micro Finance and Equitas Housing Finance with Equitas Finance. Chennai-based Equitas Holdings is one of the 10 entities that received in-principle approval from the RBI in September 2015 to set up a small finance bank. The company was listed on the exchanges in April. Funds raised from the fresh issue was proposed to be used to develop IT infrastructure for the new bank and lending purposes, among others. "Post receipt of RBI license and prior to commencement of SFB business, there are a few other approvals to be obtained from various departments of RBI and other agencies. On receipt of these approvals, Equitas Small Finance Bank will commence its operations of small finance bank."

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