July 31, 2023, National – Fincare Small Finance Bank today announced its collaboration with Mastercard to launch an all-new debit card with exciting offers for its customers. The collaboration will strengthen the digital-first small finance bank’s ability to provide comprehensive financial products and solutions to its customers, including seamless and secure digital payments.
With a plethora of exciting features, the new Mastercard debit card is designed to make digital transactions safer and more convenient for cardholders. Some of its key benefits include:
· Global Acceptance: The card will allow its users to transact at innumerable locations around the world.
· Competitive Interest Rates: Cardholders will be able to enjoy low interest rates on purchases and balance transfers.
· Rewards Program: Cardholders will be able to earn redeemable points on every transaction.
· Enhanced Security: Each time the cardholder transacts using Mastercard’s secured payment network, across channels: ecommerce, point-of-sale terminals thereby ensuring frictionless and safe transaction flow.
· Personalized Assistance: Cardholders will get round-the-clock customer support.
“At Fincare Small Finance Bank, we have followed a vision of offering our customers the finest banking solutions. With the introduction of the Mastercard debit card, we have taken a significant stride towards realizing that vision. This collaboration exemplifies a seamless blend of technology, convenience, and value. We are confident that this new card will become an indispensable aspect of our customers’ daily financial activities, providing them greater ease and confidence while making digital transactions,” said Rajeev Yadav, MD & CEO, Fincare Small Finance Bank.
“Mastercard remains committed to providing innovative financial solutions along with a safe and seamless payment experience to its cardholders. With benefits like global acceptance, competitive interest rates, a generous rewards program, and enhanced security, the new card proposition enables customers to explore the world of priceless experiences across domestic and international destinations, with benefits spanning travel, dining, shopping and more. This collaboration with Fincare Small Finance Bank is a testimony to Mastercard’s continuous efforts to provide something special to its cardholders,” said Gautam Aggarwal, Division President, South Asia at Mastercard.
Fincare Small Finance Bank has a network of 1,231 outlets spread across 19 states and three union territories, covering 338 districts and 57,186 villages. The bank serves over 42 lakh customers and has a workforce of over 14,000 employees.
About Fincare Small Finance Bank:
Fincare Small Finance Bank is a ‘digital-first’ small finance bank offering banking services through banking outlets, ATM, WhatsApp, Video Banking, Mobile Banking, Internet Banking, and website Chatbots. The bank aims to transform banking through automated processes, instant account opening, and seamless transactions. Powered by technology, on one hand, Fincare Small Finance Bank caters to the banking needs of micro enterprises enabling their financial inclusion, and on the other, provides innovative banking services along with digital solutions to metro and urban customers. The Bank commenced banking operations on 21st July 2017 under Section 22 of the Banking Regulation Act, 1949. It was included in the Second Schedule to the RBI Act, 1934 published in the Gazette of India dated April 13, 2019.
For more information, please visit www.fincarebank.com
Fincare Small Finance Bank Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed a draft red herring prospectus dated May 1, 2023 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) on May 3, 2023. The DRHP is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs, i.e. ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, SBI Capital Markets Limited and Ambit Private Limited at www.icicisecurities.com, www.axiscapital.co.in, www.iiflcap.com, www.sbicaps.com and www.ambit.co, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled “Risk Factors” on page 21 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any state securities law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act, “Rule 144A”) in transactions exempt from, or not subject to, registration requirements of the Securities Act, and (ii) outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.
