Equitas Small Finance Bank Limited (ESFB) has achieved a significant milestone in its banking operations. The Reserve Bank of India (RBI) has granted ESFB an Authorized Dealer Category-I (AD-I) License, empowering the bank to engage in foreign exchange transactions.

RBI Authorization Details

The authorization, issued under Section 10 (1) of the Foreign Exchange Management Act, 1999, marks a crucial expansion of ESFB's banking capabilities. This new license is subject to specific conditions set by the RBI, although the exact terms have not been disclosed.

Implications for Equitas Small Finance Bank

With this AD-I License, Equitas Small Finance Bank can now:

• Conduct foreign exchange transactions as an authorized dealer
• Potentially offer a wider range of services to its customers
• Expand its operational scope in the banking sector

This development is expected to enhance ESFB's competitive position in the small finance banking space, allowing it to provide more comprehensive banking solutions to its clientele.

Regulatory Compliance

The granting of this license underscores ESFB's compliance with RBI regulations and its readiness to take on additional responsibilities in the foreign exchange domain. As the bank moves forward with this new authorization, it will need to adhere strictly to the RBI's guidelines for foreign exchange dealings.

This expansion of services aligns with the broader trend of small finance banks in India gradually increasing their operational capabilities to compete more effectively with traditional commercial banks.

Equitas Small Finance Bank's ability to deal in foreign exchange could potentially open up new revenue streams and provide added convenience to its customers, particularly those engaged in international transactions or requiring foreign exchange services.

Equitas Small Finance Bank (Equitas SFB) has marked its 9th anniversary with the launch of an upgraded mobile banking application, 'Equitas 2.0', signaling a significant push towards digital banking and enhanced customer convenience.

Key Features of Equitas 2.0

The revamped mobile banking app introduces a host of new features designed to provide a comprehensive banking experience:

• Online account opening for new customers
• Fixed deposit booking and management
• Recurring deposit management
• Access to IPOs and mutual funds
• Card management
• Utility and bill payments
• Goal-based deposits
• Reward redemption
• Service request tracking and management

Leadership Perspectives

Vasudevan P N, MD & CEO of Equitas Small Finance Bank, expressed enthusiasm about the launch, stating, "We at Equitas are thrilled to announce the launch of our new Mobile Banking App, which strengthens our presence in the digital space. The launch of this app demonstrates the dedication of our technology team and further consolidates our vision of providing banking with convenience."

Balaji Nuthalapadi, Executive Director - Technology & Operations, shared the bank's ambitious plans for the platform: "With the launch of our new Mobile Banking App, we are taking a significant step towards building a true super app for our customers. Over a period of time, this platform will seamlessly integrate across the customer lifecycle – from e-commerce to ticketing & entertainment – empowering customers with a single destination for their evolving needs."

Future Developments

Equitas SFB's vision extends beyond traditional banking services. The bank plans to evolve the Equitas 2.0 platform into a comprehensive super app, integrating e-commerce, ticketing, and entertainment services. This strategic move aims to position Equitas as a one-stop solution for customers' diverse financial and lifestyle needs.

About Equitas Small Finance Bank

Equitas Small Finance Bank, one of the largest Small Finance Banks in India, focuses on providing financial services to individuals with limited access to formal financing channels, as well as affluent and mass-affluent segments, Small & Medium Enterprises (SMEs), and corporates. The bank's strategy centers on offering credit to unbanked and underbanked micro and small entrepreneurs, developing products to address the growing aspirations at the 'bottom of the pyramid', supported by granular deposits and value-for-money services.

As Equitas Small Finance Bank celebrates nearly a decade of advancing financial inclusion, the launch of Equitas 2.0 represents a significant milestone in its digital transformation journey, reinforcing its commitment to innovative and accessible banking solutions.