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RBI Approved Re-appointment of PN Vasudevan as the MD & CEO of Equitas SFB; Equitas Holdings Ltd Submitted its NBFC Licence to RBI

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RBI approves P N Vasudevan's re-appointment as MD & CEO of Equitas Small Finance BankThe Reserve Bank of India (RBI) has approved the re-appointment of P N Vasudevan as the managing director (MD) and chief executive officer (CEO) of Equitas Small Finance Bank (SFB) for a 3-year term with effect from July 23, 2023.

Key Points:

i.Equitas SFB posted 35% year-on-year (YoY) growth in its advances to reach Rs 27,861 crore by the end of March 2023.

ii.In which, the small finance loan portfolio expanded by 28% YoY to Rs 10,083 crore and the micro-finance loan portfolio grew by 34% to Rs 5,225 crore.

  • The vehicle loan portfolio expanded by 38% to Rs 6,971 crore.

iii.Equitas SFB’s total deposits grew 34% YoY to Rs 25,381 crore. The share of low cost money Current Account and Savings account (CASA) stood at 42% at the end of March 2023.

iv.At the end of March 2023, the bank’s capital adequacy ratio was 23.8% with Tier I at 23.08 % and Tier II at 0.72%.

Equitas Holdings Ltd has surrendered its NBFC licence to RBI

i.As per the statement of RBI, Non-Banking Financial Company (NBFC) Equitas Holdings Ltd has surrendered its Certificate of Registration (CoR) (i.e. the NBFC Licence) granted to them by RBI.

ii.Following the submission of the licence, RBI has cancelled Equitas Holdings’ CoR (certificate of registration) in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

Note – Along with Equitas Holdings Ltd, Mukand Global Finance Limited also submitted its NBFC licence to RBI.

Recent Related News:

The Reserve Bank of India (RBI) has granted a non-banking financial company (NBFC) licence to the Neobanking platform Jupiter enabling the latter to scale up its lending business.

About Equitas Small Finance Bank Ltd:

Establishment – September 5, 2016
Headquarters – Chennai, Tamil Nadu
MD&CEO – Vasudevan Pathangi Narasimhan
Tagline – Here, Your money works towards better society