<p>ESAF Small Finance Bank has started its Karnataka operation with the opening of its first branch at Koramangala in Bengaluru.</p>.<p>ESAF was started as a microfinance institution in 1992 in three districts of Karnataka with 12 microfinance branches and 40,745 borrowers. All these microfinance branches will be converted into retail banking outlets.</p>.<p>K Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank said, "ESAF Small Finance bank will have a total of 100 branches by March this year. So far, the bank has crossed Rs 6,000 crore total business. At the end of this financial year, the SFB is expected to get a cumulative business of Rs 9,000 crore." </p>.<p>Currently, ESAF Small Finance Bank has 388 banking outlets including 81 new retail banking outlets covering 10 states in India. The bank plans to expands its outlets across the country. Along with this, 6,000 financial literacy programmes will be implemented in various states.</p>.<p>The bank offers services like ATMs, Debit Card, Safe Deposit Lockers, Internet banking, mobile banking, SMS banking, RTGS, NEFT, CTS etc. The bank has also obtained in-principle permission from the RBI as Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS).</p>.<p>In 2015, the RBI granted in-principle licence 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 RBI to set up a Small Finance Bank in the private sector. In November 2016, the final licence was issued by the RBI. ESAF Small Finance Bank was incorporated on May 5, 2016, with its registered office in Thrissur.</p>
<p>ESAF Small Finance Bank has started its Karnataka operation with the opening of its first branch at Koramangala in Bengaluru.</p>.<p>ESAF was started as a microfinance institution in 1992 in three districts of Karnataka with 12 microfinance branches and 40,745 borrowers. All these microfinance branches will be converted into retail banking outlets.</p>.<p>K Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank said, "ESAF Small Finance bank will have a total of 100 branches by March this year. So far, the bank has crossed Rs 6,000 crore total business. At the end of this financial year, the SFB is expected to get a cumulative business of Rs 9,000 crore." </p>.<p>Currently, ESAF Small Finance Bank has 388 banking outlets including 81 new retail banking outlets covering 10 states in India. The bank plans to expands its outlets across the country. Along with this, 6,000 financial literacy programmes will be implemented in various states.</p>.<p>The bank offers services like ATMs, Debit Card, Safe Deposit Lockers, Internet banking, mobile banking, SMS banking, RTGS, NEFT, CTS etc. The bank has also obtained in-principle permission from the RBI as Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS).</p>.<p>In 2015, the RBI granted in-principle licence 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 RBI to set up a Small Finance Bank in the private sector. In November 2016, the final licence was issued by the RBI. ESAF Small Finance Bank was incorporated on May 5, 2016, with its registered office in Thrissur.</p>
