Equitas Small Finance Bank to venture into credit cards, personal loans segment
Equitas Small Finance Bank Ltd has plans to foray into credit cards and personal loan segments as it expects to build a consumer finance portfolio, a top official said. Equitas Small Finance Bank was also investing in developing a mobile application to serve merchants and help improve their business operations.
Equitas Small Finance Bank reported a 97.1 per cent jump in its profit after tax (PAT) for the April-June 2023 quarter at Rs 191.20 crore. The bank had registered a net profit of Rs 97 crore during the corresponding quarter of the previous year.
«In the coming years, we plan to build our consumer finance portfolio by foraying into credit cards and personal loans which will further help increase stability through a diversified loan portfolio,» said Arun Ramanathan, the bank's Part-Time Chairman and Non-Executive Independent Director. The bank would work on offerings like forex cards, Foreign Currency Non-Resident (FCNR) deposits, and remittances, among others, he said.
Ramanathan, in the latest annual report released on Sunday, said the bank completed the reverse merger of Equitas Holdings Ltd with Equitas Small Finance Bank Ltd which would allow the financial institution to apply for a Universal Bank License. «Apart from ending the anomaly of having two listed companies with more or less the same asset base, the merger cleared the decks for Equitas Small Finance Bank to apply for a Universal Bank License once the guidelines for the same are issued,» he said.
Managing Director and CEO P N Vasudevan said the bank is a new-age financial institution that continues to undertake various digitisation initiatives to empower the customer access to the bank's products and solutions. «With the increasing penetration of
. Read more on economictimes.indiatimes.com
