HDFC Securities: Equitas Small Finance Bank IPO Note
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HDFC Securities Report
Equitas Small Finance Bank Ltd. is the largest small finance bank in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in fiscal 2019.
It has been able to successfully diversify its loan portfolio and significantly reduce its dependence on microfinance business as compared to other microfinance companies that has converted to SFBs.
It offers a range of banking products and services to customers with a focus on serving the financially unserved and underserved customer segments in India.
Its strength lies in promoting financial inclusion within these segments, with its group beginning operations in 2007 as an non-banking financial company providing microfinance, housing and vehicle loans.
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