Fincare Small Finance Bank enters Kozhikode
Fincare Small Finance Bank inaugurated its first banking outlet in Kozhikode,a key city in Kerala.Prime location, ease of access, and totally networked Bank branch –everything is designed to give the customer a superior experience,says Rajeev Yadav,MD and CEO.
This will be the second branch in Kerala, after Cochin. In the 2 years since launch, the Bank has had significant growth in the Southern states of Tamil Nadu, Karnataka and Andhra Pradesh, in line with the overall strategy of becoming a prominent player in this geography.
Kozhikode is one of the major trading points of Indian spices and one of the biggest economic hubs in Kerala. Service sector dominates the economy of this prosperous city. Kozhikode, with 8% of the state population, makes a contribution of 12% to the State's Income.
Speaking at the launch event, Rajeev Yadav, MD and CEO, Fincare Small Finance Bank said,“Fincare Small Finance Bank is enthusiastic about customer experience and the launch of this branch is a very significant step for us. Our endeavor is to extend our services and address the banking needs of a variety of customer segments, ranging from Senior Citizens to the young urban professionals.”
He also added “Kozhikode, a major trading hub, has experienced significant leap in small scale industries,giving a boost to the entrepreneurship culture in this district. Fincare Small Finance Bank at Kozhikode aims to deliver a wholesome banking experience to customers. The Branch launch is the result of our goal of being a compliant and customer-oriented Bank. We aim to offer one-stop provider of essential banking needs of the customer. This will be the second branch in Kerala, after Cochin. In the 2 years since launch, the Bank has had significant growth in the Southern states of Tamil Nadu, Karnataka and Andhra Pradesh, in line with the overall strategy of becoming a prominent player in this geography.
The Kozhikode branch of Fincare Small Finance Bank will offer a wide suite of products such as loans against gold, loans against property, affordable housing finance, two-wheeler loans, savings and current account with Sweep in – Sweep out facility besides offering attractive interest rates on all types of deposit products. The Bank also offers Unified Payment Interface (UPI) enabled transactions as part of the service bouquet.
Fincare Small Finance Bank offers attractive interest rate upto 9.5% on fixed deposits Tenure General Public Senior Citizens
Upto 180 days 6.00% 6.50%
181-364 days 7.00% 7.50%
12months – 15months 8.00% 8.50%
15 months 1 day – 18 months 8.25% 8.75%
18 months 1 day – 21 months 8.50% 9.00%
21 months 1 day to 24 months 8.75% 9.25%
24 months 1 day to 36 months 9.00% 9.50%
3 years to 5 years 8.00% 8.50%
Link for interest rates table – https://fincarebank.com/interest-rate
Key metrics of Fincare Small Finance Bank upto March 31, 2019 are as follows:
A. Rs. 3,530 Crore Gross Loan Portfolio with 20% Secured mix (65% y-o-y growth, 56% growth in
microloans, 116% growth in other assets)
B. Rs. 2,043.2 Crore deposits (181% y-o-y growth; with 58% share of retail deposits)
C. 0.3% Net Non-Performing Assets (NPA)
D. Rs. 101.98 crore as Profit after Tax (PAT)
About Fincare Small Finance Bank:
Fincare Small Finance Bank commenced banking operations on the 21st of July 2017, after receiving the
final license from the RBI in May 2017, under Section 22 of the Banking Regulation Act, 1949. Fincare
SFB has been included in the Second Schedule to the Reserve Bank of India Act, 1934 and published in
the Gazette of India dated April 13, 2019. Fincare SFB enables financial inclusion of the underbanked
base of the pyramid, mass retail, and micro & small enterprise segments. It also serves the banking
needs of digitally savvy consumers across metro, urban and semi-urban markets. As of March 2019,
Fincare SFB serves over 15 lakh customers in 12 states and 1 Union Territory.
