Fincare Small Finance Bank launches first branch in Coimbatore

All the bank branches are equipped with recyclers, where customers can not only withdraw but also deposit cash into their bank accounts 24x7 and receive immediate credit.

Published: 08th August 2018 01:15 PM  |   Last Updated: 08th August 2018 01:15 PM   |  A+A-

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Image for representational purpose only.

By UNI

COIMBATORE: Fincare Small Finance Bank (earlier known as Disha Microfin) has launched its banking operations in Coimbatore on Wednesday, with the opening of its first branch in the city.

A company press release said here on Thursday that Fincare has branches across 26 districts of Tamil Nadu and is now geared towards catering to the financial needs of the city of Coimbatore.

The MD & CEO of Fincare SFB, Rajeev Yadav said, "Tamil Nadu is an important market for us which contributes over 20% of the total portfolio of the bank.

We are excited about entering the Coimbatore market which is a leading industrial hub of the state".

He added, "In the last one year since we launched the bank, Fincare SFB has built a deposit base of over Rs.1,100 crores from institutional and retail customers, and a loan portfolio of over Rs.2,600 crores." he said.

Fincare SFB, which is currently expanding its distribution network as part of its 'rurban' strategy, offers fixed deposits, savings accounts and current accounts, with interest rates up to 9 per cent p.a. on fixed deposits and up to 7 percent p.a. on savings accounts.

All the bank branches are equipped with recyclers, where customers can not only withdraw but also deposit cash into their bank accounts 24x7 and receive immediate credit.

Customers would have access to lockers of three different sizes at competitive rates.

Fincare also offers fund transfers through NEFT, RTGS, IMPS, NACH, as well as bill payment facilities.

On the assets side, the Bank provides loans against gold and loans against the property at affordable rates.

In addition to branch banking, Fincare SFB services can be availed through the Fincare Mobile App as well as Internet Banking.

The Coimbatore branch is one of the newest full-service branches opened by the bank, which has a total of 500 banking outlets currently operational across 9 states and 1 Union Territory.

Fincare SFB started banking operations in July 2017, being one of the ten entities to have received the RBI nod to do so.

The bank offers a completely digital experience, hassle free processes and tailor-made offerings for the tech-savvy salaried class and the rate-sensitive senior citizens alike.

Earlier this year the bank launched its Digital Savings Account, 101 which targets the digitally savvy millennials in metro and urban markets.

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