Fincare Small Finance Bank plans to expand its operations in eastern India

Fincare Small Finance Bank announced its plan to tap the eastern India market after building strong presence in southern and western part of the country. The aim is to cover at least one state by the end of the current financial year, said its Managing Director and Chief Executive Officer (CEO) Rajeev Yadav.

Yadav told United News of India (UNI) that the bank is not only focusing on widening its reach in different states but also ensuring depth of service in the states it is present in.

“We would be adding one or two more states in the current financial year. We don’t cover eastern side of the country so we would be going to Kolkata in West Bengal,” Yadav informed. He added that the bank adds at least 15-18 branches every year. 

On financial target of the bank, Yadav said, “we have a total business of ₹14,000 crore. Earlier our growth rate used to be 40 to 50 per cent. We hope to grow at the same rate in the future as well.”

He also mentioned that they are looking forward to listing the bank at the Bombay Stock Exchange (BSE) platform while hoping to maintain a good growth rate.

Speaking on whether Non Performing Assets (NPAs) are an issue for the bank, Yadav said, “NPA was elevated in the Covid phase because of the unsecured loans but that has come down dramatically. It is very close to pre-Covid levels.”