Mumbai/Chennai, December 07, 2016: Equitas started its operations as a Bank on 5thSeptember 2016. Within 3 months of starting Banking Operations, Equitas Bank has introduced mPOS (mobile point of sale) for smooth collections of payments from its borrowers.
Speaking on the occasion Mr. HKN Raghavan, Head Consumer Banking Equitas Small Finance Bank said “Post demonetization there is low cash circulation. Clients are unable to draw cash from to pay their instalments on time. Equitas Bank has introduced mPOS facility where the borrower can swipe and pay through their bank account by using their debit card. mPOS is portable and is carried by our staff in the field. This in a great way helps the borrowers pay cashless”.
Loans to borrowers:
Bank lends from its public deposits. Hence banks cannot waive the loan as it has to repay the depositors. In cases where Government waives bank loans, the Government pays the loan amount to the Bank. But there is no such waiver by the Government. Also RBI has issued a clarification, a copy of which is enclosed which makes it clear that there is no waiver at all. Hence I request to the borrowers not to heed to the rumors.
Good Credit record helps clients to avail loans in case of need.
As per the RBI guidelines all the details of the borrowers and their repayment details is given to the credit bureaus. In case the borrower defaults the same is uploaded in the credit bureau records. Banks verify the individual repayment record from the credit bureau before lending to the borrowers. In case the record reflects that there is a default, that person will not be eligible for any further loans from banks which will cause immense financial strain in the event of need. Hence it is in the interest of the borrowers that they repay regularly and maintain a good credit record to avail future loans.
In case the borrowers have genuine difficulty in repayment.
In case where the borrowers have real problem due to emergencies like medical emergency etc Equitas Bank has customer friendly repayment policy and such borrowers can apply to the Branch Manager with details of their emergency.
About Equitas Small Finance Bank
Equitas Small finance bank previously known as Equitas Finance Ltd started its operations as a Bank on September 5, 2016. It offers a range of banking and financial products that address the requirements of all customer segments. It offers a full range of products such as Current and Savings Accounts, Deposits, Debit Cards, Mobile Banking, Internet Banking, MPOS, ATMs, etc. The total business of the Bank is around Rs. 10,000 Cr
