Equitas Small Finance Bank has started banking operations. It is operating three branches in Chennai to begin with. commenced its banking operations with 3 branches in Chennai. The bank said in a statement it plans to have a network of 412 branches across 11 states by the end of financial year 2016-17. Of these, 50% will be in South, 30% in West and the remaining 20% in North, the statement said, adding 25% of the branches would be in rural areas and unbanked villages. At present, the bank has advances of about Rs 6,500 crore, of which about 50% is microfinance, about 25% for commercial vehicle finance and the remaining in micro and small enterprises and affordable housing finance. P.N. Vasudevan, MD & CEO of the bank, said it is the endeavour of the bank to bring in a wave of freshness into banking and focus make normal banking transaction a `fun’ for the customers. The bank intends to impact 5% of Indian households by 2025, he added. The bank will also have a network of BCs.
