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Business Economy

Fincare SFB opens branch in Hyderabad; targets AUM of Rs 10,000 cr by 2021

Hyderabad, Jan 18 (UNI) Fincare Small Finance Bank (SFB) opened its first branch here on Friday.
With this, the Bank have presence in 8 out of the top 10 Metropolitan Cities in the country.
By March 2021, the bank would expand its operations in 15 more states and currently, we have 532 banking outlets , spread across Eight states and 1 Union Territory in West, South and North India , Fincare SFB CEO and Managing Director Mr Rajeev Yadav said at a press conference here.

Fincare has laid ambitious plan to have 4 million customers with a targeting Assets Under Management (AUM) of Rs 10,000 crore and 5,000 banking outlets by 2021, he said we are also planning to raise private equity fund between Rs 250 Crore- Rs 300 crore in the next 12-months.

Currently, Fincare has Gross NPA of 1.3 per cent while the Net NPA is around .3 per cent, Mr Rajeev said the bank has shown robust growth year-on-year and as on September 30, 2018, the bank had gross assets AUM was Rs 3000 crore by demonstrating a 99 per cent year-on-year growth, he claimed.

The bank aims to be digitally driven, rural and semi-urban bank, focusing on the priority sectors and retail segments of micro and small enterprises.

The roadmap set forth by the organization, Mr Yadav said, “In FY19, the bank would launch Recurring Deposit, affordable housing finance and two-wheeler loans to strengthen our loan offering to our customers, in additional to expanding its footprints in cities such as Pune, NCR and Bhopal.

Hyderabad branch is the bank’s first full service branch in Telangana, offering a complete suite of products, such as savings accounts, current accounts, fixed deposits, NR products, life insurance, fund transfers through NEFT, RTGS, IMPS, NACH as well as bill payment facilities. On the assets side, the bank provides loans against gold at affordable rates.

The Bank has a strong digital offering with provision of banking through the Fincare Mobile App as well as Internet Banking, he added.
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