homefinance NewsEquitas Small Finance Bank will apply for universal bank license when window opens: CEO
Equitas Small Finance Bank will apply for universal bank license when window opens: CEO
As and when the window opens up for Universal Bank license applications, Equitas SFB will be ready to seize the opportunity and embark on an exciting new chapter in its journey of growth and expansion.
Equitas Small Finance Bank on Friday announced its intention to apply for a universal bank license as soon as the opportunity arises. This expectation is in line with Equitas SFB's strategic vision of expanding its offerings and reaching a wider customer base, Vasudevan PN, Managing Director and CEO of the bank said in an exclusive interview with CNBC-TV18.
"With a track record of success and a strong foothold in the small finance banking sector, Equitas SFB is well-positioned to venture into the realm of universal banking," he said.
According to Reserve Bank of India (RBI) guidelines, Equitas SFB still has over eight years of tenure left. Vasudevan PN, expressing his commitment to the institution, stated that he will continue to lead as the MD and CEO for another three years. He further emphasised his intention to stay on board for the entire eight-year duration if the RBI grants approval for the whole period.
“As per RBI guidelines, a person is allowed to be the MD of the bank for a period of 15 years. I have completed around 6.5 years in the bank, which leaves me around 8 years. Out of which the three year approval has just come now and subject to RBI approval, I should be here for the remaining 8 years in the bank,” he said.
The lender's decision to apply for a universal bank license is an indication of the bank's confidence in its capabilities to provide a broader range of financial services to its customers. By transitioning into a universal bank, the lender said it aims to expand its product portfolio and serve a larger customer base.
In line with its expansion plans, the small finance bank has also announced its intention to launch personal loans and credit cards this year.
"These new offerings will provide customers with greater flexibility in managing their financial needs and further solidify Equitas SFB's position as a comprehensive financial services provider," Vasudevan told CNBC-TV18.
“We will be launching personal loan sometime during the current year and credit cards sometime during the next financial year,” he said.
For more details, watch the accompanying video
(Edited by : Anshul)
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