Banking, Finance and Insurance

Equitas Small Finance Bank is implementing 412 branches in South, West & North India. The branches will be spread across 11 states; 50% in South India, 30% in West India & 20% in North India. About 25% of bank branches will be located in rural, unbanked villages. Currently, the bank has advances of about Rs. 65,000 million, of which about 50% is micro finance, about 25% is used commercial vehicle finance and the remaining is micro and small enterprises and affordable housing finance. The project is under execution and is targeted to be completed by the end of financial year 2016-17. The bank has commenced banking operations of its 3 banks in Chennai on 6th September, 2016. According to media reports, the overall cost of the project is Rs. 800 million. The bank plans to open these full-fledged bank branches by refurbishing and relocating the old ones to better locations. It has received licenses to open 412 bank branches initially in the next six to eight months. Another 170 existing branches will continue as lending offices. [Info as of: Sept. `16]

India \ TAMIL NADU