New Delhi, Dec 18, 2017- ESAF Small Finance Bank, the first bank from Kerala to get a banking license since independence, is all set to open its first branch in the capital city of Delhi, on December 19, 2017. With an aim to build a pan India presence, ESAF Small Finance bank will have a total of 145 banking outlets by March next year.
Speaking at a press conference organized, Mr K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank said, “the banking outlet at Delhi, Karol Bagh is the 63rd outlet opened by ESAF, since it started operations in March this year.”
Currently, ESAF Small Finance Bank has 371 banking outlets including the 62 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 a presence and will be soon expanding to the North East as well.
” We need to brand as a pan India bank and hence we have decided to open branches in all metro cities in India. We have plans to open new outlets in three more places in Delhi – Paschim Vihar, Rohini and Lajpath Nagar along with other metros like Chennai, Bangalore, Hyderabad and Mumbai, followed by Calcutta”, Sri. Paul Thomas added.
So far, the bank has crossed Rs 1450 crore deposits within eight months of its operations. It hopes to garner a total of Rs. 2500 crore deposits by the end of this fiscal. At the end of the second quarter of this FY, ESAF Small Finance Bank had a cumulative business of over Rs. 6,000 crores.
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 doorstep delivery services, SKYPE facility at branches and Hrudaya Deposit Scheme are some of the exclusive features offered by ESAF Small Finance Bank
Hrudaya deposit scheme, as the name suggests, stands for a social cause, through which, ESAF Small Finance Bank provides the customers with an opportunity to be a part in the economic development of the bottom of the pyramid, which is a unique offering from ESAF Small Finance Bank.
Since 1992, ESAF as a financial institution has transformed the lives of 1.9 million families spreading across ten states in India covering Kerala, Tamil Nadu, Karnataka, Maharashtra, Chattisgarh, Madhya Pradesh, Bihar, West Bengal, Pondicherry and Jharkhand. It received an in-principle approval from the RBI in Oct 2015 for setting up a Small Finance Bank and the bank was launched on March 10, 2017.
The 370 plus outlets of the bank is spread across almost 100 districts with a significant and dedicated workforce. The developmental activities of the bank are spread across the areas of education, health, environment, sustainable energy and various other channels for rural empowerment.
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 the sustainable holistic transformation of the poor and the marginalized. The success of Grameen Bank in Bangladesh reinforced the vision of Sri. K. Paul Thomas, the founder and Chairman 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 Sri. Paul Thomas, the founder was clear in his understanding of the importance of financial component in the 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 an in-principle license to ESAF Micro Finance to launch a Small Finance Bank. ESAF Micro Finance was one amongst the recipients 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.