Equitas Small Finance Bank empowering lives with integrity

Equitas Small Finance Bank is deeply committed to empowering lives, supporting communities and prioritizing customer well-being over the past 17 years. Our guiding principle of fairness, transparency and compassion have shaped our journey in transforming countless lives across the country.

Recently there have been some media reports about a particular case in the city of Belagavi. In this case, the reports seemingly indicates that Equitas has removed certain family members including a child in a high handed manner and taken possession of a property mortgaged to the Bank.

We regret deeply the inconvenience caused to the customer and their family members due to the execution of the Court order. We will be in touch with the customer to ensure that they are not put to any hardship, while also enabling them to meet their financial commitments to the Bank.

The reality is that this account has been in NPA for about a year and a half. In the recovery case filed by the Bank, there has been no representation from the borrower. The Bank, as per its normal practice of helping out customers who are in arrears, offered certain settlement terms which include typically interest waivers and in deserving cases, a part of principle waiver also.

However, there was no progress in the case either for normal payment or settlement, leaving the Bank with no option but to approach the Court. The Court appointed a Commissioner to take possession of the property which was executed by the Commissioner.

Equitas remains committed to helping, to the best of our abilities and within the regulatory framework, all our borrowers. Accordingly in this case, as much as in other such cases, the Bank is always open for settlements and restructuring to help customers come back out of their defaults.

Equitas is very humane Bank. During the first wave of COVID, almost 97% of the borrowers of Equitas availed Moratorium, which is probably amongst the highest by any Bank in the country. And in wave two, we had restructured loans worth about ₹ 2,000 cr for hundreds of thousands of customers, whose source of income had been affected during COVID.

We remain committed to the well-being of all our customers. Equitas means Fair & Transparent and true to our name and our core philosophy, we are always fair and transparent in our dealings with all our stakeholders.

In this particular instance also, we will work with our customer to bring about an amicable solution and ensuring the dignity and well-being of the customer and their family members.

Press Release Notice: "This press release is published as received, without editorial review or modification. ntmedia.in is not responsible for the accuracy or content."