ESAF Small Finance Bank (ESAF SFB) is a new age social bank that continues to redefine the banking experience for all stakeholders. We are primarily focused on expanding the banking horizon to the new unbanked/underbanking sector, yet we stand as a bank for all with a presence in urban, semi urban, rural and rural non-banking areas. Huh. ESAF started its journey during the year 1992 as an NGO with a grand vision of sustainable and holistic transformation of the poor and downtrodden. The success of Gramin Bank in Bangladesh led Mr. ESAF founder K. Paul Thomas. In 1995, he introduced Micro Enterprise Development (MED) services and this resulted in the formation of ESAF Microfinance & Investments Pvt. Ltd., in 2008, giving importance to the financial component in the overall economic development of the poor and marginalised. ESAF Microfinance & Investments Pvt. Ltd. was a pioneer in establishing a formal and structured form of lending through the formation of mutually trustworthy groups at the village level, which could not only bring about financial stability but also strengthened the fact that ‘the poor of our country’ are reliable’. In remote and unbanked/underbanked areas of the country, ESAF can inculcate a culture of financial discipline and improve worker participation rates as women also join the workforce or generate some income. Have started activity that can support their household financially. The Financial Literacy Mission launched by ESAF can not only bring information about spending wisely but can also secure the future. ESAF has adopted a unique social business strategy with a triple bottom line approach with an emphasis on people, planet and prosperity. The following are some of the highlights:
For every rupee invested in ESAF, studies conducted by international agencies have shown that the social return on investment is Rs. 3.19.
Some of the other changes brought about by ESAF are women’s access to employment, contribution to household income, access and control of household resources, participation in household financial decision making etc.
ESAF can also collect 20 million tonnes of carbon offsets in the international market.
Birth of ESAF Small Finance Bank After evaluating the contribution and importance of ESAF in the development of rural and inaccessible areas of the country, the Reserve Bank of India has been kind enough to issue an in-principle license to ESAF Microfinance and Investments Private Limited. Ltd. to set up a new Small Finance Bank during October, 2015. ESAF Small Finance Bank commenced business on 10 March 2017 after complying with the license conditions laid down by the Reserve Bank of India and with reference to the final license of RBI in November 2016. ESAF Small Finance Bank with a customer base of 4.3 million is marching ahead with the objective of “fighting the bias of prosperity” through strengthening the people at the bottom of the pyramid. The organization’s business model combined the unique methodology of selecting and serving customers at the front end with technology, processes and themes of modern retail banking at the back end. We have had an excellent growth and consolidation phase over the years. As of 31st March 2021, we have more than 3300 employees. Scheduled Banks with NRE Status During its last two years of existence, RBI has permitted the bank to start NRE (Rupee) account operations in June 2018. ESAF Small Finance Bank has got the reserve. Approval of Bank of India for inclusion in the second schedule of RBI Act 1934 within two years of commencement of operations and hence the bank became a scheduled bank with effect from 27 December 2018. Operational Highlights As on 31st March 2021, ESAF Small Finance Bank has 550 banking outlets spread across 19 states and 2 union territories. The bank offers many modern banking services like ATM, Debit Card, Safe Deposit Locker, Internet Banking, Mobile Banking, Agent Banking, SMS Banking, RTGS, NEFT, CTS etc. Door step delivery services, free video calling facility at branches and Hriday deposit scheme are some of the special features offered by ESAF Small Finance Bank. ESAF Small Finance Bank has a unique deposit scheme, namely HRIDAY Deposit Scheme, as the name suggests, for a social cause, through which the bank offers its customers an opportunity to participate in the economic development of the bottom half of the pyramid. is. As an organization it strives for financial peace by bridging the peace.