Disha Microfin, part of the financial inclusion platform Fincare, today said it has received the final license from Reserve Bank to operate as a small finance bank. The bank will be called Fincare Small Finance Bank, and will start operations from July this year, the company said in a statement here today.
“The small finance bank license will enable us to expand our product basket to include liabilities products, higher ticket loans to micro and small enterprises, as well as gold and affordable housing loans,” Fincare CEO Rajeev Yadav said.
The bank will open branches in the states where it is already present. It will continue to focus on the priority sector and retail segments, and will additionally offer products such as gold loans and affordable housing loans, he said.
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“We are targeting a loan book of Rs 20,000 crore over the next five years,” Yadav said.
Fincare group provides microfinance loans, microenterprise loans and bank partnership loans, serving households, businesses and banking institutions in rural and semi-urban areas.