A formidable network of 275 outlets in the Zone
- Fincare Small Finance Bank forges presence in the Western India, paving the way for ‘Wish More Get More’ Banking.
- The Bank aims to contribute positively to the social and economic progress of the states and enhance financial empowerment in the region.
National, October 2023: Fincare Small Finance Bank, renowned for its innovative and inclusive digital banking theme, is poised to enhance its presence in the west region, comprising Maharashtra, Gujarat, Goa & Madhya Pradesh. With an unwavering commitment to financial inclusion, the bank aims to contribute to the region’s economy, harnessing the power of technology and innovation. The Bank has inaugurated new banking outlets in the cities of Mumbai and Pune thus elevating the total branch count in the region to 275 (273 Branches & 2 Business Correspondents).
By implementing cutting-edge technology and embracing a customer-centric approach, the bank aims to redefine banking experience for its customers. This milestone marks a significant step in the Bank’s journey to expand its footprint and empower the community with comprehensive banking services tailored to meet the diverse needs of rural, mass retail as well as affluent customers.
In addition to bolstering the existing business verticals, the bank has ambitious plans for participating in the region’s growth. These plans encompass innovative solutions that will create new opportunities and further enhance the region’s micro and small enterprises ecosystem. The Bank is looking forward to unveil these plans in the near future.
Speaking on the occasion, Mr. Rajeev Yadav, [MD & CEO] at Fincare Small Finance Bank, said, “The Bank is dedicated to bringing the power of digital banking to the heart of Western India. The new branches in Mumbai and Pune will not only expand our footprint but also ensure that our high-tech, inclusive banking model reaches even more individuals and businesses. Our commitment to providing innovative financial solutions remains unwavering, and this expansion is a testament to that commitment.”
Through the expansion, Fincare Small Finance Bank is set to take another step in fostering digital financial inclusion and driving economic growth in region. As the bank looks ahead to a brighter future, the bank reaffirms its commitment to serving the community and contributing to the region’s prosperity.
As of 31st March 2023, the Bank has a network of 1,231 banking outlets spread across 19 states and three union territories, covering 338 districts and 57,186 villages. The Bank serves 42+ Lakh customers and has a workforce of 14,000+.
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”) filed 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.