Fincare Small Finance Bank (FSFB) has reported the disbursement of its first loan under Prime Minister Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVA Nidhi).
The scheme is aimed towards empowering and enabling the street vendors. The loan of Rs 10,000 was disbursed to Mrs. Lakshmamma, a coconut seller in Bellandur, Bengaluru. The Bank with the help of its digital initiatives was able to ensure that the total cycle of sanctioning the loan and withdrawal was hassle free.
The PM SVA Nidhi scheme is aimed at empowering individuals from marginalised sections and promoting government’s agenda of building a self-reliant India.
Fincare Small Finance Bank MD & CEO Rajeev Yadav, said, “We are proud to be part of the PM’s vision of providing small working capital loans to street vendors under the PM Svanidhi Scheme. As a leading small finance bank we aim to take this social initiative forward and help in creating a culture of self-reliance for marginalised sections to overcome financial stress caused by the pandemic and empower them to be stronger financially.”
As of September 2020, Fincare SFB serves over 26.5 lakh customers in 19 States/Union Territory, has deposits worth Rs 5,200 crore, its loan book stood at Rs 5,290 crore and has a workforce of 7,700. With an aim to transform banking for its customers, Fincare SFB strives to cater to the needs of the base of the pyramid – micro and small enterprise segments in rural India.
Fincare Small Finance Bank commenced banking operations on July 21, 2017 under Section 22 of the Banking Regulation Act, 1949, after receiving the final license from the RBI in May 2017. Fincare SFB has been included in the Second Schedule to the Reserve Bank of India Act, 1934, published in the Gazette of India dated April 13, 2019.
Powered by technology, Fincare SFB has set the vision to be the first of its kind ‘Rurban’ Bank enabling financial inclusion of its rural customer base and providing modern, innovative and digital solutions to the digitally-savvy, metro and urban customers.