Equitas eyes Rs.550-cr. deposits via piggy banks

Updated - September 22, 2016 05:25 pm IST

Published - September 06, 2016 11:17 pm IST - CHENNAI:

City-based Equitas Small Finance Bank is hopeful of garnering saving deposits of Rs.550 crore from its customers through ‘piggy banks’ (hundis) collection by March 2017. Briefing reporters, P.N. Vasudevan, Equitas Small Finance Bank Managing Director and CEO, said: “Till recently, as microfinance non-banking financial company, we were not allowed to collect deposits. There have been fervent requests from several women self help groups asking us to accept deposit. We told them that we are in the process of starting a bank and gave those hundis to save some money till then.” On September 5, Equitas announced the commencement of Small Finance Bank operations with the opening of three branches in Chennai City. Another 409 branches in 11 districts will be added in the next seven to eight months. — N. Anand

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.