ESAF Small Finance Bank opened new branch in Coimbatore

ESAF Small Finance Bank, the first bank from Kerala to get a banking license since independence is expanding its operations in Tamil Nadu by opening its 4th branch in Coimbatore – Trichy road.

The branch was inaugurated by K ILANGO, Managing Director Ilango Foundation & Rangammal Steels. Sri. K. Paul Thomas, MD & CEO, ESAF Small Finance Bank presided. CA G.Karthikeyan, Managing Director of GK Management and President of TiE, Coimbatore inaugurated the ATM Counter. The Safe Deposit Locker and Cash Counter were inaugurated by P. K. Jaganathan, Chairman of Fashion Point group and Vengadesh CR Managing Director of Teknoturf, respectively. K Swaminathan, Head-Retail Liability, ESAF Small Finance Bank, Philomena Louis Raj, Director, ESAF Co-operative, and P. Syamdas, Branch Manager spoke.

Speaking in his presidential address, Mr. K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank said “With an aim to build a pan India presence, ESAF Small Finance bank will have a total of 100 branches by March this year. So far, the bank has crossed 6000 Cr. total business. Better services offered for fixed and savings deposits, ‘No Service Charges’ and ‘No Minimum Balance’ facilities on selected products are the reasons for such an encouraging response from investors. At the end of this financial year ESAF SFB is expected to get a cumulative business of 9,000 Cr.”

Currently, ESAF Small Finance Bank has 388 banking outlets including the 79 new retail banking outlets covering 10 states in India. In the coming months, the bank plans to open more number of outlets in the states where we already have presence and will be soon expanding to the North East as well. Along with that 6000 financial literacy programs will be implemented in various states.

The bank offers a host of modern banking services like ATMs, Debit Card, Safe Deposit Lockers, Internet banking, mobile banking, SMS banking, RTGS, NEFT, CTS etc. The Bank also obtained in principle permission from RBI as Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). The door step delivery services, SKYPE facility at branches and Hrudaya Deposit Scheme are some of the exclusive features offered by ESAF Small Finance Bank.

About ESAF Small Finance Bank

 The journey of ESAF began in a small house named ‘Little’ at Thrissur in 1992. Contrary to what the name sounds, ESAF Society was launched with a bigger vision of sustainable holistic transformation of the poor and the marginalized. The success of Grameen bank in Bangladesh reinforced the vision of K. Paul Thomas the Founder and Managing Director of ESAF. In 1995, he launched Micro Enterprises Development (MED) services and it resulted in the formation of ESAF Microfinance and Investments Pvt. Ltd., in 2008. The increased focus on microfinance was inevitable as the founder was clear in his understanding of the importance of financial component in holistic economic development of the poor. Gradually, ESAF Microfinance earned its place among the top ten Microfinance institutions in India.

In 2015, the Reserve Bank of India, the financial regulator in the country has granted in-principle license to ESAF to launch a Small Finance bank. ESAF Small Finance Bank was one amongst the ten NBFCs to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a Small Finance Bank in the private sector. In November 2016, the final license was issued by the RBI. ESAF Small Finance Bank was incorporated on May 05, 2016, with its registered office in Thrissur.

Date: Feb 26, 2018