Fincare Small Finance Bank launches its third banking outlet in Chennai at Anna Nagar

Fincare Small Finance Bank launches its third banking outlet in Chennai at Anna Nagar

·        Fincare Small Finance Bank strengthens its presence in Tamil Nadu with 80 branches

·        Bank recently reported Net Profit of Rs. 101.98 crore for FY’19

·        In FY’19 Customer base grew 50% to over 1.5 million, employee base grew 24% to ~5500

Fincare Small Finance Bank (Fincare SFB) today launched its third banking outlet in Chennai at Anna Nagar, strengthening its branch count to 80 in Tamil Nadu. The state comprises a large base of both, retail consumers with investible surplus looking for high-interest earning avenues, as well as small enterprises in sectors such as manufacturing, textile, software, agriculture looking for finance to meet their capital needs. Sensing the huge economic and employment opportunity in Tamil Nadu, Fincare Small Finance Bank is steadily increasing its presence in the state with a comprehensive product basket for meeting both credit and deposit needs of people. The banking outlet at Anna Nagar is aimed to deepen its retail presence in the city.

Speaking at the launch Mr. Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said, “Tamil Nadu is a state with a high literacy rate, and the awareness around financial services is high, and hence the high demand. To cater to the banking appetite of our esteemed customers at Chennai, we are opening the banking outlet at the prestigious and upmarket Anna Nagar area. Our offerings are tailored to address the high-interest deposit needs of retail clients as well as the business loan needs of small enterprises”. Mr Rajeev Yadav added, “Our loan offerings such as Loan against Gold, Affordable Housing Loan and Loan against Property along with our attractive fixed deposit, saving and current account offerings will enable us become a bank of choice for the client segments we serve”.

Fincare Small Finance Bank is present in 12 States and 1 Union Territory. Chennai being the biggest cultural, economic and educational centre of South India, is and will always remain as one of the biggest markets for Fincare Small Finance Bank. The banking outlets at Chennai are important as they offer the banks’ complete suite of products.

Fincare Small Finance Bank has over 15.5 lakh customers serviced through a network of over 570 banking outlets spanning 12 states and 1 Union Territory. Fincare SFB offers a complete suite of products including fund transfer facilities through NEFT, RTGS, IMPS, NACH as well as bill payment facilities. On the assets side, the bank provides loan against gold, loan against property, affordable housing loan and two-wheeler loans at affordable rates. Corporate salary and digital accounts are other noteworthy products.

FY’19 Financial Results of Fincare Small Finance Bank:

·        Total business of the Bank registered a growth of 95% to reach ₹ 5,573.4 Cr

·        ₹ 3,530 Cr Gross Loan Portfolio (65% y-o-y growth, 56% growth in microloans, 116% growth in other assets) – 20% secured portfolio

·        ₹ 2,043 Cr deposits (181% y-o-y growth; with 58% share of retail deposits)

·        0.3% Net NPA

·        Reported Net Profit of ₹ 101.98 Cr

·        Customer base grew 50% to over 1.5 million, employee base grew 24% to ~ 5500

Fincare SFB launches NRI Banking Services

Fincare SFB launches NRI Banking Services 

in Ahmedabad, services available pan India

Fincare SFB allows non-resident Indian (NRI) customers to open a Fixed Deposit with 9% p.a. interest which is one of the highest amongst banks

Fincare Small Finance Bank launched its NRI Banking services today, on the sidelines of the inauguration of its 4th outlet in Ahmedabad at Prahalad Nagar. The choice of Ahmedabad is significant, considering that the Gujarati community contributes to nearly 33% of the Indian diaspora, making Gujarat home to one of the largest NRI bases in the country. The offerings are available pan India.

With a tagline, ‘Feel at home, a thousand miles away’, Fincare SFB’s NR product allows NRI customers to deposit their overseas earnings in India.  The account can be opened either by visiting the branch or by bank officials visiting the customer at their convenience, during their visit home to India.

NR Product Features:

a.     9% interest p.a. on NR Fixed Deposits - one of the highest interest rates offered among banks in this segment

b.     Flexibility on interest payments options such as reinvestment FDs and periodic interest payout

c.     No hassle of maintaining multiple accounts – this allows NRs to open Fixed Deposits without the hassle of opening a savings account and credit the maturity proceeds to any bank account of choice

The bank will be introducing the complete basket of NRI products over the next few months. 

In a press statement, Mr. Rajeev Yadav, MD & CEO, Fincare SFB said, “With continuous effort on growth and diversification, the launch of NR product is a step towards offering a vast array of products to our customers. Given the bank’s deep presence in some of the key NRI markets such as Gujarat, and as Gujarat’s home grown bank, we are seeing an encouraging demand for the newly launched products, especially in this NR homecoming season. We welcome NRs to come and experience Fincare SFB’s NR banking services.”

Fincare Small Finance Bank, poised for a sustained growth with improved fundamentals, has registered a Rs. 42.3 crore profit after tax (PAT) in H1 FY19. The bank’s gross loans portfolio grew at 99 per cent during the year, to close at Rs. 2,899 crore, as on September 30, 2018. The bank has also garnered deposits worth Rs. 1,455 crore as on September 30, 2018, a growth of 383 per cent y-o-y, with retail deposits comprising 34 per cent of the total deposits.

The bank has a network of over 500 banking outlets catering to over 13 lakh customers across 10 states and 1 Union Territory.