Lucknow, August 2019: Fincare Small Finance Bank establishes its foothold in the capital city of Uttar Pradesh. Strategically located at Gomti Nagar area, the branch will help in expanding the Bank’s customer base and support its aspiration of having a wider presence in Lucknow. This will be the second banking outlet in Uttar Pradesh, after Noida.
In the 2 years since launch, the Bank has expanded its presence in the north Indian states ofDelhi, Rajasthan, Haryana, Chhattisgarh, UttarPradesh.
Speaking at the launch event, Mr. Rajeev Yadav, MD and CEO, Fincare Small Finance Bank said, “Lucknow is the industrial and innovation hub and an important centre of governance, education, commerce, finance, pharmaceuticals, technology. Being one of the top cities in the country in terms of GDP, we are delighted to enter the market at a very important juncture where it is witnessing high growth across sectors.
With the launch, the Bank reiterates its commitment to taking digital banking services to every part of Uttar Pradesh, offer a full range of services to its target segment and make a positive difference to their financial well-being.Fincare SFB aims to provide banking services to small scale entrepreneurs and those in unorganised sectors. The Bank’s focus is on providing accessible, affordable banking services for the unbanked and under-served population in the city.”
The Lucknow branch of Fincare Small Finance Bank will offer the full suite of products such as savings and current accounts, fixed deposits with attractive interest rates, along with loan products such as loans against gold, loans against property, affordable housing loans, two-wheeler loans etc. The Bank also offers Unified Payment Interface (UPI) enabled transaction services for its customers.
Fincare Small Finance Bank Fixed Deposits offer interest rate up to 9.5% on Fixed deposits for Senior Citizens.
Tenure-wise Interest rate chart:
| 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
FY’19 Financial Results of Fincare Small Finance Bank:
- 3,530 Crore Gross Loan Portfolio (65% y-o-y growth, 56% growth in microloans, 116% growth in other assets) – 20% secured mix in the portfolio
- 2,043 Crore deposits (181% y-o-y growth; with 58% share in retail deposits)
- 3% Net NPA
- PAT of Rs. 101.98 crore
