Equitas SFB gets RBI nod to apply for amalgamation of promoter into itself

Equitas Small Finance Bank (SFB) has received Reserve Bank of India's (RBI) nod to apply for the amalgamation of the promoter entity Equitas Holdings into itself. As per the SFB licensing guidelines of RBI, a promoter of SFB can exit after the mandatory initial lock-in period of five years (initial promoter lock-in). For Equitas SFB, the lock-in expires on September 4, 2021. Hence, the bank had requested RBI if a scheme of amalgamation of the company with the bank, resulting in the exit of the promoter, can be submitted to RBI for approval prior to the expiry of the said five years, to take effect after the initial promoter lock-in expires. The RBI has given its assent now. Done Deals