Equitas Small Finance Bank, on Wednesday, April 19, said it has been granted the licence to deal in foreign exchange for specified purposes by the Reserve Bank of India (RBI).
In an exchange filing, Equitas SFB said, “we wish to inform that RBI vide its letter dated April 19, 2023 has granted Authorized Dealer Category-I (AD-I) License to the Bank under Section 10 (1) of the Foreign Exchange Management Act, 1999 to deal in foreign exchange subject to such conditions as may be imposed by RBI from time to time.”
Also Read: Rising lending rates may hurt Equitas Small Finance Bank as 4 out 5 loans are on fixed rates
Authorised dealer category 1 banks, also known as AD Cat I Banks, are the banks with an RBI licence to buy and sell foreign exchange for specified purposes. Such banks aim to ease the foreign exchange facilities for non-resident Indians (NRIs).
Earlier in the day, AU SFB also received the RBI licence to deal in foreign exchange.
Earlier this month, Equitas SFB reported its Q4 provisional business update. The bank’s gross advances surged 36 percent YoY to Rs 28,061 crore, while the disbursements soared by 80 percent YoY to Rs 5,917 crore. The bank also saw an improvement in its total deposits, which came in at Rs 25,381 crore, up 34 percent YoY and 8 percent QoQ.
In January, NCLT Chennai approved the merger of Equitas Holdings & Equitas SFB.
The Equitas Small Finance Bank stock settled at Rs 69.70 per share, down over 2 percent at close of market hours today, April 19. Notably, the stock has remained in the green this year as it has been up nearly 20 percent to date.
(Edited by : Shoma Bhattacharjee)
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