In a regulatory filing, Equitas SFB said, “RBI vide its letter dated 19 April 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.”

Equitas Small Finance Bank offers products and services to meet the needs of individuals with limited access to formal financing channels, as well as affluent and mass affluent, small & medium enterprises (SMEs) and corporates.

The bank's net profit surged 57.4% to Rs 170.13 crore on 17.5% rise in total income to Rs 1,216.03 crore in Q3 FY23 over Q3 FY22.

Shares of Equitas Small Finance Bank rose 0.21% to Rs 69.95 on the BSE.