The need for a higher data rate in the modern communication world leads to the development of multicarrier modulation. OFDM, the most popular MCM technique, has some disadvantages like inefficiency due to the insertion of cyclic prefix, spectral leakage among the subchannels due to the poor stopband attenuation of prototype filter, etc. Due to these drawbacks of OFDM, a Filter Bank-based Multi-Carrier system with Offset Quadrature Amplitude Modulation has been proposed. The analysis and synthesis of filter banks in FBMC- OQAM system are designed using exponential modulation of a single prototype filter which is designed using the frequency sampling method of filter design. In the presence of fading channels, Frequency Domain MMSE one-tap equalizer is designed. Simulation results for Vehicular A and Pedestrian B channels show that the proposed equalizer gives better results for BER performance for the system.