Reserve Bank of India barred this small finance bank from opening new branches.

The apex bank of the country, the Reserve Bank of India (RBI) barred the Equitas Small Finance Bank (ESFB) from opening new branches. The decision comes after ESFB missed the deadline to list its shares on stock exchanges. It also froze the salary of ESFB's Managing Director (MD) and Chief Executive Officer (CEO), Vasudevan PN. As per the RBI's licensing conditions issued in November 2014, a small finance bank's shares have to be mandatorily listed on the stock exchanges within 3 years of touching a net worth of Rs 500 crore & 3-year period of ESFB lapsed on September 4, 2019. It had received the license in July 2016.