Equitas SFB

Total 789.53 million shares have been listed pursuant to the scheme of amalgamation of Equitas Holdings with Equitas Small Finance Bank

On February 8, the board approved allotment of 789.5 million equity shares (swap ratio at 231:100) of Equitas SFB to the eligible shareholders of the erstwhile Equitas Holdings.

Amalgamation scheme shall be effective upon the filing of tribunal's order

RBI gave approval to SBI Funds Management Limited (SBIFML) to acquire up to 9.99 per cent of the paid-up equity capital of the Bank through the schemes of SBI Mutual Fund (SBIMF).

In May, Vasudevan had said that he wished to move on from the bank in order to work for his trust

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Clarifies that approval received by RBI allows its MF schemes to hold more than 5% in Equitas SFB, which will soon merge with Equitas Holdings

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DSP Investment Managers Private Ltd (DSPIM) will buy a nearly 10 per cent stake in Equitas Small Finance Bank for an undisclosed amount, following approval from the Reserve Bank of India. The bank has received an intimation from the RBI on November 16, 2022, that it has granted approval to DSP Investment Managers Private Ltd (DSPIM) to acquire up to 9.99 per cent of the paid-up equity capital of the bank through the schemes of DSP Mutual Fund (DSPMF), Equitas SFB said in a regulatory filing on Thursday. The proposed acquisition of shares by DSPIM would be consequent to the scheme of amalgamation of Equitas Holdings (holding company) with the bank, it said. In May this year, Equitas Holdings and Equitas Small Finance Bank (SFB) were approved by their respective boards for their merger. The merger is aimed to meet the RBI's licensing conditions to bring down the shareholding of the holding company to 40 per cent within a period of five years from the date of commencement of business

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Equitas Small Finance Bank on Monday reported over two-fold jump in its net profit at Rs 116 crore in the quarter ended September 2022 on good growth in loan disbursals. The SFB (small finance bank) had posted a net profit of Rs 41 crore in the year-ago period. The net interest income of the lender grew to Rs 610 crore in the July-September period of the current fiscal as against Rs 484 crore in the same period of FY22, Equitas SFB said in a release. The net interest margin during the quarter stood at 9 per cent. The lender said its disbursement during the second quarter of FY23 rose by 22 per cent to Rs 3,845 crore from a year ago. Advances as of Q2FY23 was at Rs 22,779 crore, up 20 per cent from the same quarter a year ago. The gross non-performing assets decreased to 3.82 per cent from 3.95 per cent in the first quarter of FY23. P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank, said: "Demand for credit continues to remain strong, especially in the inform

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Equitas Small Finance Bank on Friday said its gross advances grew by 20 per cent to Rs 22,802 crore at end of September 2022 quarter. The Bank's gross advances in the year-ago period of September 2021 stood at Rs 18,978 crore. During the second quarter ended September 2022-23, the Bank's disbursements were up by 22 per cent at Rs 3,845 crore, as against Rs 3,145 crore in year-ago period. Total deposits rose by 20 per cent to Rs 21,726 crore, from Rs 18,094 crore at end Q2FY22, Equitas Small Finance Bank said in a release. Of this, retail term deposits were at Rs 7,665 crore, up by 13 per cent from Rs 6,767 crore in the year-ago quarter. The current account savings account (CASA) stood at Rs 10,456 crore at end of Q2FY23, as against Rs 8,200 crore in the year-ago period. CASA ratio was at 48.13 per cent. Among others, the Bank's cost of funds came down to 6.25 per cent, as against 6.81 per cent. The Bank said the figures related to September 2022 are provisional unaudited number

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Equitas Small Finance Bank (Equitas SFB) on Wednesday said its gross advances grew by 22 per cent from a year ago to Rs 21,699 crore as of June 30.

Equitas Small Finance Bank (ESFB) on Wednesday said that the Reserve Bank of India has okayed its proposal to reappoint MD and CEO Vasudevan P N for one year. "We wish to inform that pursuant to the bank's application vide its letter dated May 23, 2022, RBI vide its letter dated June 15, 2022 has approved the proposal to reappoint Vasudevan P N as the Managing Director & Chief Executive Officer (MD &CEO) of the bank, for a period of one year with effect from July 23, 2022," it said in a regulatory filing. Earlier in May this year, ESFB founder and CEO Vasudevan P N had asked the lender to look for his successor as he wanted to step down to pursue "a distinct set of goals". He is also the Managing Director of Equitas, which began as a micro finance institution in 2007 and was later converted into bank in 2016. In a letter to ESFB last month, Vasudevan expressed his desire to quit but did not gave a timeline. Vasudevan said he along with his wife has created a public charitable .

SFBs were advised to continue to evolve in tune with the differentiated banking licence given to them with proportionate growth in their capital base.

P N Vasudevan resigned as the managing director and chief executive officer of the Equitas Small Finance Bank for a career in health and education.

The conditions laid down by the RBI on no-objection for amalgamation include divestment of shareholding by EHL in its subsidiary -- Equitas Technologies -- prior to the scheme taking effect