Fincare Small Finance Bank forays into the Bhopal market
Thursday - January 31, 2019 5:54 pm , Category : BHOPAL
Bhopal, Jan 31, 2019 (WTN): Bangalore based Fincare Small Finance Bank (SFB) launched its 536th banking outlet in Bhopal, at Trilanga. After its successful launch in Mumbai, Kochi, Hyderabad and NCR in recent months, Bhopal is the next big launch for Fincare SFB.
Fincare SFB started its banking operations in July 2017, being one of the ten entities to have received the RBI nod. Though, it has been present in Bhopal since 6 years through their microfinance operations. This is the bank’s first full service branch in Bhopal, offering a complete suite of products such as savings accounts, current accounts, fixed deposits, NR products, insurance, fund transfers through NEFT, RTGS, IMPS, NACH as well as bill payment facilities.
Fincare SFB will be offering fixed deposits, with interest rates of up to 9% p.a., going up to 9.5% p.a. for senior citizens, and savings accounts with interest rates of up to 7% p.a. They also offer NRI services with deposit rates of 9% p.a., which is one of the highest among banks. Fincare SFB services can be availed through the Fincare Mobile App as well as Internet Banking.
Bhopal, with over 80% urbanization, is also a key economic hub for Central India and Madhya Pradesh. With a mix of traditional industries such as electrical goods, cotton, chemicals and flour milling, and new industries such as software and hardware, Bhopal is an ideal city to offer Fincare SFB’s unique proposition of high interest FDs, corporate salary accounts and digital accounts.
Speaking at the press conference, Rajeev Yadav, MD & CEO, Fincare SFB said, “The bank has asset under management of around Rs 3,000 crore and plans to increase it to Rs 10,000 crore by FY21 entirely funded by deposits. Similarly, it is planning to increase its customer base from existing 1.4 million to 4 million and banking outlets from 500 to 5,000 by FY21.And Bhopal is a key market for us in that endeavor.”
He continued, “With our 3D approach - Differentiated deposit rates, Doorstep banking services and Digital solutions, we will be in a position to provide a customised product basket and superior service experience to gain prominence in the city.”
Fincare Small Finance Bank has shown robust growth year on year. As of September 30, 2018, the bank had gross Assets Under Management (AUM) of Rs. 2,899 Crore, demonstrating a 99% year-on-year (y-o-y) growth. The Bank also had a deposits base of Rs. 1,445 Crore, comprising of over 40% retail deposits. The bank has a network of over 500 banking outlets catering to over 13 lakh customers across 10 states and 1 Union Territory.
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