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Detailed explanation-1: -Equitas Small Finance Bank and the parent Equitas Holdings Ltd on Friday said that the Reserve Bank of India has given its no-objection to their proposal of amalgamation, subject to conditions.

Detailed explanation-2: -The Reserve Bank of India has conveyed its ‘no-objection’ to the amalgamation of Equitas Holdings Ltd (EHL) with Equitas Small Finance Bank (ESFBL).

Detailed explanation-3: -On 23 November 2021, the bank announced its partnership with HDFC Bank, for a co-branded credit card. In 2021, the boards of both Equitas Small Finance Bank and its holding company, Equitas Holding Company, approved a reverse merger between the two companies.

Detailed explanation-4: -“Post the reverse merger, 231 shares of Equitas Small Finance Bank are to be issued to the Shareholders holding 100 shares in Equitas Holdings Limited (all Rs 10 fully paid-up),” it said. In July 2021, Equitas SFB had received the Reserve Bank of India’s approval to apply for amalgamation of the promoter into itself.