Equitas Small Finance Bank Limited announced that the Issue Department, Reserve Bank of India (RBI) had imposed a monetary penalty of INR 10,000 on company's Bank on account of a deficiency observed in one of company's Branches viz., Kandri Branch, Kanhan Nagpur, Maharashtra in providing the exchange facility for the soiled/mutilated notes to non-customers as prescribed by RBI vide RBI Master Direction No. RBI/2023-24/97 DCM (NE) No. G-2/08.07.18/2023-24 dated April 3, 2023.

While the Bank has laid down adequate procedures to ensure compliance with this regulatory requirement across its branches, the procedural lapse leading to deficiency in providing the exchange facility at the said branch is being investigated for necessary action to ensure that such incident do not recur.