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.[“source=thehindubusinessline”]