As a part of its plan to expand its retail banking presence, Fincare will also be launching its operations in Mumbai
Fincare Small Finance Bank reported a robust growth in the first year of its operations. The deposits of the bank grew over Rs 1,000 crore and built a gross loan portfolio of over Rs 2,500 crore which it wants to increase to Rs 4,000 crore during the financial year 2018-19. As a part of its plan to expand its retail banking presence, Fincare will also be launching its operations in Mumbai.
"In FY19, the bank is targeting a loan book of Rs. 4,000 crore. The launch of affordable housing finance and two-wheeler loans will strengthen our loan offering to our customers," Rajeev Yadav, MD and CEO of Fincare Small Finance Bank said in press conference. "We have opened savings accounts for over a lakh microloans customers, and are in the process of expanding this to our million-plus customers during this year, bringing them into the formal banking system," he further added.
In the past year, the Bank's distribution network has grown to 364 banking outlets, spread across eight states and one Union Territory in West, South and North India. In FY19, the bank seeks to enter and strengthen presence in metro markets such as Mumbai, Bangalore, Hyderabad and the National Capital Region (NCR), taking the network of banking outlets to over 500. The bank's first branch in Mumbai will be operational this quarter.
Fincare also announced a strategic partnership with Oxigen to expand the bank's brick and mortar network by setting up a Business Correspondent outlets, as well as expand its product and service offerings.
The small finance bank commenced operations in July 2017, following the in-principle approval awarded by the Reserve Bank of India (RBI) to 10 entities in September 2015.
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