SSFB operates through 31 branches and over 250 banking agents in Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand with 400,000 customers. As on March 31, 2020, the total deposit base of the bank stood at Rs 1,140 crore and total advances stood at Rs 719 crore.
Technology adoption will allow us to explore previously under explored customer segments and expand across the country without reliance on a physical branch network, Gupta added.
According to RBI’s Trends and Progress in Banking report, combined loans and advances of existing SFBs rose by 29.7 per cent from Rs 69,856 crore in FY19 to Rs 90,576 crore in FY20. Deposits were up by 48.1 per cent from Rs 55,686 crore in March 2019 to Rs 82,488 crore in March 2020.
SFB, as a group, booked a net profit of Rs 1,968 crore in FY20 as against loss of Rs 727 crore in FY19. Their capital adequacy ratio rose to 20.2 per cent in March 2020, up from 16.7 per cent in March 2019.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.