News

Fincare Small Finance expanding networks in Andhra Pradesh

Our Bureau Visakhapatnam | Updated on July 29, 2019 Published on July 29, 2019

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.

Published on July 29, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.