Fincare Small Finance Bank has chalked out its vision to achieve Rs10,000-crore assets under management (AUM), 5,000 banking outlets, and a customer base of 40 lakh in FY21.

“We will be achieving this target by offering simple products, digital adoption, doorstep service to customers, and better lending/deposit facilities,” said Rajeev Yadav, Managing Director and CEO, Fincare SFB. Its gross loan portfolio stands at Rs 2,899 crore as on September 30, and the small finance bank (SFB) has garnered deposits worth ₹1,455 crore following commencement of operations in July 2017.

“We are now looking at Rs 5,500-crore business and around 600 branches by the end of the current fiscal,” he said.

On the prospects of small finance banks in the crowded banking space in the country, Yadav told BusinessLine that the financial inclusion space in India offers good opportunity for the company to grow. The total business of the Indian banking system is worth Rs 230 lakh crore, which involves Rs130 lakh crore deposits and the balance in lending. Of this, the business offered by SFBs is meagre at 0.5 per cent, thus offering enough space for SFBs to grow.

“We are not looking at un-banked but under-banked customers,” he said, adding that SFBs enable financial inclusion of the under-banked base of pyramid, mass retail and MSME segments.

Yadav, who was in Kochi to announce the launch of Kerala operations, said the bank is targeting senior citizens with an interest rate of 9.5 per cent on deposits. NRI customers will be offered 9 per cent, which, he said, is the highest among banks. The immediate priority in the State is to open two more branches in Kozhikode and Thiruvananthapuram, and another 5-10 branches in the next one year.

He said the bank is adequately capitalised to grow for the next six months. It is also looking at MSME lending in a big way to improve business. There are also plans to increase recruitment in the next one year.

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