Small SMEs are potential base as banks shy away from providing loans which provides an opportunity for Small Finance Banks and we are eyeing such areas having good potential, said Rajeev Yadav, MD & CEO, Fincare SFB on the launch of in Bhopal on Thursday.
While talking to media persons here, Yadav said Fincare SFB will be offering fixed deposits, with interest rates of up to 9% per annum and 9.5% per annum for senior citizens which is one of the highest among peers and savings accounts with interest rates of up to 7% pa.
It also offers NRI services with deposit rates of 9% pa, which is one of the highest among banks.
Fincare SFB services can be availed through the Fincare Mobile App as well as Internet Banking.
He said that the bank has asset under management of around Rs 3,000 crore and plans to increase it to Rs 10,000 crore by FY21 entirely funded by deposits. Similarly, it is planning to increase its customer base from existing 1.4 million to 4 million and banking outlets from 500 to 5,000 by FY21.And Bhopal is a key market for us in that endeavor.
After its launch in Mumbai, Kochi, Hyderabad and NCR in recent months, it opened 536th banking outlet in Bhopal.