Fincare Small Finance Bank receives 2019 Celent Model Bank Award


/ – A first achievement of an Indian Small Finance Bank

Fincare Small Finance Bank (SFB) received the prestigious Celent Model Bank 2019 award in the Financial Inclusion category, for “Redesigning Lending to Reach Small Businesses”. The award recognizes LAP (Loans Against Property) D.Lite, a tab-based solution designed and developed in-house by Fincare SFB for the origination and instant underwriting of loans against property for micro and small businesses.

The award was presented on April 12, 2019 during the Innovation & Insight Day organized by Celent in New York. LAP D.Lite is one of 22 initiatives from around the world to receive this award, which presented 140 nominations from 80 institutions in 30 countries. Some of the other banks to receive the award in other categories include Bank of America, CIBC, Fidor Bank, HSBC, Rabobank and Santander, among others.

Celent is a financial services technology-focused research, advisory and consultancy firm and part of the Oliver Wyman Group, a wholly owned subsidiary of Marsh & McLennan Companies. The company launched the Model Bank Awards 12 years ago and recognizes the achievements of financial institutions for best practices in the use of technology in the banking industry.

Mr. Rajeev Yadav, Managing Director and CEO of Fincare Small Finance Bank, said: “It is a proud moment for Fincare Small Finance Bank to receive the Celent-Model Bank Award 2019. Fincare is the first and first small bank in funding to receive this award. This award is a testament to Fincare’s continued efforts to create technology solutions that allow better access to financial services for small businesses. “

Launched in July 2017, Fincare Small Finance Bank offers fixed and recurring deposits, savings accounts and current accounts, with interest rates of up to 9% per annum on term deposits, up to 9.5% for seniors and up to 7% per year. savings accounts. The Bank also offers fund transfers via NEFT, RTGS, IMPS, NACH as well as bill payment facilities. On the asset side, the bank provides loans for real estate, loans for gold, two-wheel loans and affordable housing loans at competitive rates.

About Fincare Small Finance Bank:

Fincare Small Finance Bank began banking operations on July 21, 2017, after receiving the final license from the RBI in May 2017 under section 22 of the Banking Regulation Act 1949. Fincare SFB enables financial inclusion of the under-banked base of the pyramid, large retail and micro and small business segments. It also meets the banking needs of sophisticated consumers in metropolitan, urban and semi-urban markets. As of March 2019, Fincare SFB serves over 15 lakh clients in 12 states and 1 Union territory.

For more information, please visit http: //www.fincarebank.

(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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