Home World Economy Fincare pegs gross loan portfolio to touch Rs 2500 crore by March

Fincare pegs gross loan portfolio to touch Rs 2500 crore by March

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Ahmedabad-based Fincare Small Finance Bank pegs its gross loan portfolio to touch Rs 2,500 crore by March 2018, a top official said today.

“I would say in the first year may be Rs 2,500 crore gross loan portfolio that is by March 2018,” Fincare Small Finance Bank, MD and CEO, Rajeev Yadav told reporters here.

The bank which formally began operations in July last year has set a target of generating total loan portfolio of Rs 10,000 crore and total deposits of Rs 8,600 crore in three years.

“In the first six month of our operations, our gross loan portfolio is Rs 1,800 crore. By this March 2018 we are expecting Rs 2,500 crore (gross loan portfolio). In three years time, our target is Rs 10,000 crore,” he said.

The company also announced the appointment of chess legend Viswanathan Anand as its brand ambassador.

Commenting about it, Yadav said, “There cannot be greater an association than smart banking (offered by Fincare) and for the smart moves by Anand which he is known for,” he said.

To a query on the business plans, Yadav said the bank has chartered out plans to focus on micro, small medium enterprises segment, offer gold loans and also enter the affordable housing segment.

“In the affordable housing segment, the average ticket size will be Rs 10 lakh,” he said to a query.

The bank also had planned to offer insurance products in the life, medical categories.

To another query, Yadav said from the 500 plus banking outlets, steps would be taken to increase it by more than 3,000 in three years time. The customer base would also be increased to four million from the current one million.

The bank currently has presence in Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Karnataka, Tamil Nadu and parts of Andhra Pradesh.

“Even after we expand our presence, the focus will be on doing business in these seven States. You should know more than 30 per cent of our business is contributed from Tamil Nadu followed by Karnataka, Gujarat, Madhya Pradesh,” he said.

Yadav and top bank officials also launched ‘One-O-One’, a digital initiative which allows an individual to open an online bank account in five minutes through a smartphone.

The account provides a host of features including utility bill payments, fund transfer facility among others.

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