Fincare Small Finance Bank is expanding its branch and outlet networks in Andhra Pradesh, “a key market in South India”. “We have a number of banking outlets - 108 - in Andhra Pradesh and we have seven branches in the State, the seventh being the Vizag one. We will open the next branch in Kakinada,” said Rajeev Yadav, Managing Director and CEO of Fincare Small Finance Bank. He was speaking to the media on the occasion of opening the first branch here in the city.
He said the bank primarily focused on micro finance and small- ticket loans to MSMEs and women entrepreneurs. He said the bank, which started operations in 2017, had registered business of ₹5,573.4 crore, with deposits of 2,043 crore. The net NPA was 0.3 per cent and net profit ₹101.98 crore. The bank has a customer base of over 1.5 million. Fincare Small Finance Bank was offering 9.5 per cent interest on fixed deposits to senior citizens and 9 per cent for others for a duration of two years.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.