Equitas Holdings said its subsidiary, Equitas Small Finance Bank has appointed Former Tax Administrative Reforms Commission Chairman Parthasarathi Shome as Additional Director.
"The company's subsidiary company viz, Equitas Small Finance Bank Ltd has in its board meeting held on September 21, 2016, appointed Prof Balakrishnan N and Dr Parthasarathi Shome as Additional Directors with effect from September 21, 2016," Equitas Holdings said in a regulatory filing.
Earlier this month, Equitas Small Finance Bank (ESFBL) started operations from Chennai with services opening in three branches. By the end of 2016-17 fiscal, it plans to have a network of 412 branches across 11 states.
Of these 412 branches, Equitas plans to have 50 percent in south, 30 percent in west and the remaining in north.
About 25 percent branches of the Chennai-headquartered small finance bank will be in rural, unbanked villages.
Equitas has advances of about Rs 6,500 crore of which about 50 percent is micro finance, about 25 percent is used commercial vehicle finance and remaining is micro, small and medium enterprises and affordable housing finance.
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