Equitas Small Finance Bank is one of the latest small banks to foray in the Indian Banking Industry. The bank was formed after the in-principle approval by the Reserve Bank of India to convert its subsidiary concern into the Small Finance Bank.
The Journey so far
- The banks started its journey as Microfinance Company on a modest level with 4 branches in the year 2007.
- In the year 2008, it received MFR4 Grading from CRISIL which is considered to be highest grading for a start-up Microfinance Institution at that time.
- The grading was later upgraded to MFR2 in the year 2010 and Equitas MF added fresh equity of Rs 138 Crores.
- In the year 2011, the company expanded its horizon for products offering by adding up VF & HF products.
- With a committed management and focussed manpower, Equitas MF touched the AUM of Rs 1000 Crores in 2012.
- In the year 2013, it added SME lending and loan against products in its kitty.
- Within 2 years, the AUM was doubled to Rs 2,000 Crores.
- The year 2015 was a milestone year, when RBI granted approval to convert Equitas Microfinance into a small bank and as a result a fresh equity of 325 was added to achieve the conversion layout.
- In the year 2016, Equitas launched its Small Finance Bank after all approval to merge its subsidiary concerns Equitas Micro Finance, Equitas Finance and Equitas Housing Finance into a small finance bank.