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·Partakes the government’s vision of ‘Housing for all’ by 2022

· Shall cater to Economically Weaker Section (EWS) and Low-Income Group (LIG) for acquisition / construction of residential units

Mumbai, NFAPost: Fincare Small Finance Bank (FSFB) announced that it signed a MoU with the National Housing Bank (NHB) to facilitate the credit linked subsidy for eligible borrowers.

The Pradhan Mantri Awas Yojana (PMAY) Scheme under Ministry of Housing and Poverty Alleviation, is a critical program which the Government of India (GOI) is implementing in Mission-mode. Under the scheme, the Interest Subsidy shall continue up to 31-Mar-2022.

Fincare Small Finance Bank MD & CEO Rajeev Yadav said he is committed to financial upliftment of the economically weaker sections and the low-income households.

“In an attempt to support the government’s endeavour to provide housing for all, Fincare Small Finance Bank shall launch the credit-linked subsidy, which has a direct benefit in the form of lower EMI. With this scheme, our aim is to empower the underbanked and unbanked sections of the country with smart banking choices and help them turn their dream of having their first home into a reality,” said Rajeev Yadav.

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.

As on 30th September 2020, Fincare SFB serves over 26.5 Lakh customers in 19 States/Union Territory, has total deposits of Rs. 5,200 Crore, loan book of Rs. 5,300 crore, and a workforce of over 8000.

With an aim to serve the banking needs of low-income households and micro & small enterprise segments in rural India on one hand, and the digital banking needs of modern, savvy customers in urban India, Fincare SFB is on a journey of building a best-in-class bank.

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