Visakhapatnam: Fincare Small Finance Bank (Fincare SFB) today launched its first banking outlet in Dwarakanagar, Visakhapatnam, strengthening its banking outlet count in the state of Andhra Pradesh to 108.

Fincare SFB, also embarked on the next level of its digital journey by launching UPI services. The single-window mobile payment system – Unified Payment Interface (UPI) service allows users to transfer money between bank accounts. The service eliminates the need to enter bank details or other sensitive information each time a transaction is initiated. The service allows real time payment facility and the apps that permit UPI payments include: BHIM, Google Pay, Phone Pe, Pay tm. etc.

Speaking at the launch, Mr. Rajeev Yadav, MD & CEO, Fincare SFB said, “Visakhapatnam will be a key market for Fincare SFB, given its significance as an industrial hub for shipbuilding, steel, sugar, oil-refining, cargo, textile, and booming information technology businesses. Mr. Yadav further added, “A lot of these industries have women as a major employment base and several of these run by women entrepreneurs. We are delighted to cater to the financial needs of these women-led SMEs, contribute to their success stories and become a part of Vishakhapatnam’s overall prosperity”.

Fincare SFB offers quick and seamless service by the field staff through its tab-based applications. The Bank offers a comprehensive product basket which includes microloans, Loan against Gold, Affordable Housing Loans, Loan against Property, Two-wheeler Loans on the Assets side. On the liability front, the bank offer’s saving account and current account options, with attractive rate of 7% p.a. The Bank also offers Fixed Deposits and Recurring Deposits Investment options with attractive interest rate of up to 9%. This makes Fincare Small Finance Bank a bank of choice for investment savvy consumer.

FY’19 Financial Results of Fincare Small Finance Bank:

• Total business of the Bank registered a growth of 95% to reach ₹ 5,573.4 Cr
• ₹ 3,530 Cr Gross Loan Portfolio (65% y-o-y growth,) – 20% secured portfolio
• ₹ 2,043 Cr deposits (181% y-o-y growth)
• 0.3% Net Non-Performing Assets
• Reported Net Profit of ₹ 101.98 Cr
• Customer base growth of 50% to over 1.5 million
• Employee base growth of 24% to ~ 5500