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

Chennai: 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