Equitas Small Finance Bank has announced significant changes in its senior management team, with new appointments in critical roles set to take effect on September 12, 2025.

New Head of Internal Audit

Mr. Vikas Jagdish Jajoo will assume the position of Head of Internal Audit at Equitas Small Finance Bank. With this appointment, Jajoo will also join the bank's Senior Management team. His term is set for three years, commencing from the date he takes charge.

Jajoo brings a wealth of experience to his new role, boasting nearly three decades in internal audit and risk management. His impressive credentials include:

• Chartered Accountant (ICAI)
• Cost Accountant (ICWA)
• Certified Internal Auditor (IIA, Florida)

Prior to joining Equitas, Jajoo held positions at several notable financial institutions, including:

• Fusion Finance Limited
• IndusInd Bank Limited
• SBI Card
• Spandana Sphoorty Financial Limited

Transition in Vigilance Leadership

Concurrent with Jajoo's appointment, Mr. V S Sivapprakash, who previously served as the Head of Internal Audit, will transition to a new role as the Head of Vigilance. This change will also take effect on September 12, 2025. As part of this move, Sivapprakash will step down from his position in the Senior Management team.

Regulatory Compliance

The bank has made these announcements in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The changes have been duly reported to the National Stock Exchange of India Limited and BSE Limited.

These strategic shifts in leadership roles at Equitas Small Finance Bank underscore the institution's commitment to maintaining robust internal audit and vigilance functions, which are crucial for ensuring the bank's operational integrity and regulatory compliance.

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.