ESAF Small Finance Bank: Difference between revisions

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{{Use dmy dates|date=December 2018}}
{{Use dmy dates|date=December 2018}}
{{Use Indian English|date=December 2018}}
{{Use Indian English|date=December 2018}}
{{infobox company
{{Infobox company
| name = ESAF Small Finance Bank
| name = ESAF Small Finance Bank
| logo = ESAF Bank Logo.svg
| logo = ESAF Bank Logo.svg
| logo_alt = Logo of ESAF Small Finance Bank
| logo_alt = Logo of ESAF Small Finance Bank
| logo_caption = ESAF Small Finance Bank logo since 10 March 2017
| logo_caption = ESAF Small Finance Bank logo since 10 March 2017
| image = Registered & Corporate office of ESAF Small Finance Bank.jpg
| former_name = ESAF Microfinance and Investments Pvt. Ltd.
| image_alt = Registered & Corporate office of ESAF Small Finance Bank at Thrissur
| image = File:Registered & Corporate office of ESAF Small Finance Bank.jpg
| former_name = ESAF Microfinance & Investments (P) Ltd.
| image_caption = Registered and corporate office at [[Mannuthy]], Thrissur
| type = [[Scheduled Bank]]
| type = [[Public company|Public]]
| num_locations_year = 2020
| traded_as = {{Unbulleted_list|{{BSE|544020}}|{{NSE|ESAFSFB}}}}
| num_locations_year = 2025
| area_served = [[India]]
| area_served = [[India]]
| key_people = {{Unbulleted_list|P. R. Ravi Mohan<br>{{small|([[Chairman]])}}|K. Paul Thomas<br>{{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}}}}
| key_people = {{Unbulleted_list|P. R. Ravi Mohan<br>{{small|([[Chairperson]])}}|K. Paul Thomas<br>{{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}}}}
| industry = [[Banking]]
| industry = [[Banking]]
| num_employees = 3,337
| num_employees = 4,100
| num_employees_year = 2020
| num_employees_year = 2022
| num_locations = 500 branches
| num_locations = 788 branches
| assets = {{currency|9,469|INR}} crore (US${{To USD|94690|IND|round=yes}} million)
| revenue = {{up}} {{INRconvert|3141|c}} (FY23)<ref name="fy23"/>
| equity = {{currency|475|INR}} crore (US${{To USD|4750|IND|round=yes}} million)
| operating_income = {{up}} {{INRconvert|893|c}} (FY23)<ref name="fy23"/>
| equity_year = 2018
| profit = {{up}} {{INRconvert|302|c}} (FY23)<ref name="fy23">{{cite news |title=ESAF Bank net profit soars 452% in FY23 |url=https://www.thehindubusinessline.com/money-and-banking/esaf-bank-net-profit-soars-452-in-fy23/article66837777.ece |access-date=31 October 2023 |work=BusinessLine |date=11 May 2023 |language=en}}</ref>
| website = {{url|www.esafbank.com}}
| website = {{url|https://www.esaf.bank.in}}
| foundation = 10 March 2017
| foundation = {{Start date and age|2017|03|10|df=yes}}
| location = [[Mannuthy]], [[Thrissur]] (Registered & Corporate Office)
| location = [[Mannuthy]], [[Thrissur]] (Registered & Corporate Office)
}}
}}


'''ESAF Small Finance Bank''' (formerly known as '''ESAF Microfinance''') is an Indian [[small finance bank]] providing banking services and small loans to the [[underbanked]]. It was founded as a small finance bank in March 2017. ESAF microfinance started its operations as an [[NGO]] in 1992 as ''Evangelical Social Action Forum''. Before becoming a bank, ESAF was a non-banking finance company and [[microfinance]] institution (NBFC-MFI), licensed by the [[Reserve Bank of India]] (RBI) and headquartered in [[Thrissur]] city of [[Kerala]].
'''ESAF Small Finance Bank''' (formerly known as '''ESAF Microfinance and Investments''') is an Indian [[small finance bank]] headquartered in [[Thrissur]], [[Kerala]], providing banking services and small loans to the [[underbanked]]. Having started its operations as an [[NGO]] in 1992 under the name of ''Evangelical Social Action Forum'', ESAF Microfinance was a non-banking finance company and [[microfinance]] institution (NBFC-MFI), licensed by the [[Reserve Bank of India]] (RBI). It became a small finance bank in March 2017 and started operating in January 2018.<ref>{{Cite web |last=sundarajan |first=Priya |date=2017-03-17 |title=ESAF Small Finance Bank launched |url=https://www.thehindubusinessline.com/money-and-banking/esaf-small-finance-bank-kicks-off-operations/article9589191.ece |access-date=2024-03-31 |website=BusinessLine |language=en}}</ref>


==History and operations==
==History and operations==
On 11 March 1992, K. Paul Thomas,<ref>{{cite web|title=ESAF to graduate into a bank soon|url=https://english.manoramaonline.com/business/companies/esaf-to-graduate-into-a-bank-soon.html|website=OnManorama|access-date=18 March 2018|date=18 September 2015}}</ref> along with Mereena Paul and a few friends, started ESAF in a small house in Mannuthy named "Little".<ref name=passline>{{cite web|title=ESAF SFB fulfils banking dreams of common man|url=http://passlinebusinessmagazine.in/component/content/article/25-slider/675-esaf-sfb-fulfils-banking-dreams-pf-commom-man|website=passlinebusinessmagazine.in|access-date=18 March 2018|language=en-gb|date=4 August 2017}}</ref> Jacob Samuel, one of the co-founders, coined the name ESAF, which is an acronym for Evangelical Social Action Forum. At inception, ESAF had five life members, seven annual members and eight honorary members. ESAF society was registered under the Travancore Cochin Literary, Scientific and Charitable Societies Registration Act. The initial president was Itty Mathew; J. Danabai was the vice president, Thomas was the secretary, supported by Samuel as joint secretary and Arun Ramakrishnan as treasurer.<ref>{{cite web|title=History at a glance|url=http://esafindia.org/home/history-at-a-glance-.html|website=ESAF India|access-date=20 March 2018|language=en-gb}}</ref>
On 11 March 1992, K. Paul Thomas,<ref>{{cite web|title=ESAF to graduate into a bank soon|url=https://english.manoramaonline.com/business/companies/esaf-to-graduate-into-a-bank-soon.html|website=OnManorama|access-date=18 March 2018|date=18 September 2015}}</ref> along with Mereena Paul and a few friends, started ESAF in a small house in [[Mannuthy]] named ''Little''.<ref name=passline>{{cite web|title=ESAF SFB fulfils banking dreams of common man|url=http://passlinebusinessmagazine.in/component/content/article/25-slider/675-esaf-sfb-fulfils-banking-dreams-pf-commom-man|website=passlinebusinessmagazine.in|access-date=18 March 2018|language=en-gb|date=4 August 2017|archive-date=16 June 2018|archive-url=https://web.archive.org/web/20180616235044/http://passlinebusinessmagazine.in/component/content/article/25-slider/675-esaf-sfb-fulfils-banking-dreams-pf-commom-man|url-status=dead}}</ref> Jacob Samuel, one of the co-founders, coined the name ESAF, which is an acronym for Evangelical Social Action Forum. At inception, ESAF had five life members, seven annual members and eight honorary members. ESAF society was registered under the Travancore Cochin Literary, Scientific and Charitable Societies Registration Act. The initial president was Itty Mathew; J. Danabai was the vice president, Thomas was the secretary, supported by Samuel as joint secretary and Arun Ramakrishnan as treasurer.<ref>{{cite web|title=History at a glance|url=http://esafindia.org/home/history-at-a-glance-.html|website=ESAF India|access-date=20 March 2018|language=en-gb}}</ref>


ESAF started lending in 1995 as the first microfinance company in Kerala. It became ESAF Small Finance Bank after receiving the first banking license in [[Kerala]] since independence.<ref>{{cite web|url=http://www.business-standard.com/article/finance/rbi-issues-small-finance-bank-license-to-esaf-116111801066_1.html |title=RBI issues Small Finance Bank license to ESAFurl |newspaper=Business Standard |date=18 November 2016 |access-date=17 December 2016}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/industry/banking/finance/esaf-ties-up-with-fis-for-micro-finance-bank/articleshow/55605665.cms
ESAF started providing interest free loans in 1995 as one of the first microfinance institutions in the country and the first microfinance company in Kerala. It became ESAF Small Finance Bank after receiving the first banking license in [[Kerala]] since independence.<ref>{{cite web|url=http://www.business-standard.com/article/finance/rbi-issues-small-finance-bank-license-to-esaf-116111801066_1.html |title=RBI issues Small Finance Bank license to ESAFurl |newspaper=Business Standard |date=18 November 2016 |access-date=17 December 2016}}</ref><ref>{{cite web|url=http://economictimes.indiatimes.com/industry/banking/finance/esaf-ties-up-with-fis-for-micro-finance-bank/articleshow/55605665.cms
|title=ESAF ties up with FIS for micro finance bank |newspaper=Economic Times |date=24 November 2016 |access-date=17 December 2016}}</ref><ref>{{cite web|url=http://www.business-standard.com/article/finance/the-small-finance-bank-will-be-profitable-within-first-year-of-operations-k-paul-thomas-116061600298_1.html |title=The small finance bank will be profitable within first year of operations: K Paul Thomas |newspaper=Business Standard |date=16 June 2016 |access-date=17 December 2016}}</ref>
|title=ESAF ties up with FIS for micro finance bank |newspaper=Economic Times |date=24 November 2016 |access-date=17 December 2016}}</ref><ref>{{cite web|url=http://www.business-standard.com/article/finance/the-small-finance-bank-will-be-profitable-within-first-year-of-operations-k-paul-thomas-116061600298_1.html |title=The small finance bank will be profitable within first year of operations: K Paul Thomas |newspaper=Business Standard |date=16 June 2016 |access-date=17 December 2016}}</ref>


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In March 2018, a year after its launch, the bank had expanded to 4,000 employees and 400 branches, with {{currency|2,200|INR}} crore (US${{To USD|22000|IND|round=yes}} million) in deposits and {{currency|4,200|INR}} crore (US${{To USD|42000|IND|round=yes}} million) in loans.<ref>{{cite web|title=ESAF Crosses Rs.2300 Crore Retail Deposit in the first year - India Education Diary|url=http://indiaeducationdiary.in/esaf-crosses-rs-2300-crore-retail-deposit-first-year/|website=India Education Diary|access-date=20 March 2018|date=12 March 2018}}</ref><ref>{{cite news|title=ESAF Bank to celebrate first anniversary|url=http://www.thehindu.com/todays-paper/tp-national/tp-kerala/esaf-bank-to-celebrate-first-anniversary/article23038308.ece|access-date=20 March 2018|work=The Hindu|date=11 March 2018|language=en-IN}}</ref>
In March 2018, a year after its launch, the bank had expanded to 4,000 employees and 400 branches, with {{currency|2,200|INR}} crore (US${{To USD|22000|IND|round=yes}} million) in deposits and {{currency|4,200|INR}} crore (US${{To USD|42000|IND|round=yes}} million) in loans.<ref>{{cite web|title=ESAF Crosses Rs.2300 Crore Retail Deposit in the first year - India Education Diary|url=http://indiaeducationdiary.in/esaf-crosses-rs-2300-crore-retail-deposit-first-year/|website=India Education Diary|access-date=20 March 2018|date=12 March 2018}}</ref><ref>{{cite news|title=ESAF Bank to celebrate first anniversary|url=http://www.thehindu.com/todays-paper/tp-national/tp-kerala/esaf-bank-to-celebrate-first-anniversary/article23038308.ece|access-date=20 March 2018|work=The Hindu|date=11 March 2018|language=en-IN}}</ref>


ESAF Small Finance Bank received RBI approval to operate as scheduled bank in December 2018, making the Thrissur-based bank the fifth scheduled bank from Kerala. This will reduce the bank's cost of funds, while increasing the bank's ability and obligation to provide services.<ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/with-rbi-nod-esaf-is-now-scheduled-bank/article25853930.ece|title=With RBI nod, ESAF is now scheduled bank|access-date=9 January 2019 |work=The Hindu BusinessLine |date=28 December 2018 |language=en}}</ref> The bank's net profit increased to {{currency|190.39|INR}} crore in the 2019-2020 financial year from {{currency|90.28|INR}} crore the previous year.<ref>{{cite news |title=ESAF Small Finance Bank Q4 profit up over 3-fold |url=https://economictimes.indiatimes.com/markets/stocks/earnings/esaf-small-finance-bank-q4-profit-up-over-3-fold/articleshow/69311821.cms |access-date=16 November 2019 |work=The Economic Times |date=13 May 2019}}</ref><ref>{{Cite web|title=ESAF|url=https://www.esafbank.com/esaf-investor-info/|access-date=2020-11-03|website=www.esafbank.com}}</ref>
ESAF Small Finance Bank received RBI approval to operate as [[scheduled bank]] in December 2018, making it the fifth scheduled bank from Kerala. This will reduce the bank's cost of funds, while increasing the bank's ability and obligation to provide services.<ref>{{Cite web|url=https://www.thehindubusinessline.com/money-and-banking/with-rbi-nod-esaf-is-now-scheduled-bank/article25853930.ece|title=With RBI nod, ESAF is now scheduled bank|access-date=9 January 2019 |work=The Hindu BusinessLine |date=28 December 2018 |language=en}}</ref> The bank's net profit increased to {{currency|190.39|INR}} crore in the 2019-2020 financial year from {{currency|90.28|INR}} crore the previous year.<ref>{{cite news |title=ESAF Small Finance Bank Q4 profit up over 3-fold |url=https://economictimes.indiatimes.com/markets/stocks/earnings/esaf-small-finance-bank-q4-profit-up-over-3-fold/articleshow/69311821.cms |access-date=16 November 2019 |work=The Economic Times |date=13 May 2019}}</ref><ref>{{Cite web|title=ESAF|url=https://www.esafbank.com/esaf-investor-info/|access-date=2020-11-03|website=www.esafbank.com}}</ref>


On 26 March 2020, the bank received approval from SEBI for issuing its Rs 976 crore [[initial public offering]]. <ref>{{Cite web|title=ESAF Small Finance Bank gets Sebi nod for IPO|url=https://in.finance.yahoo.com/news/esaf-small-finance-bank-gets-133824412.html|access-date=2021-03-24|website=in.finance.yahoo.com|language=en-IN}}</ref>
On 26 March 2020, the bank received approval from [[Securities and Exchange Board of India|SEBI]] for issuing its {{currency|976|INR}} crore [[initial public offering]].<ref>{{Cite web|title=ESAF Small Finance Bank gets Sebi nod for IPO|url=https://in.finance.yahoo.com/news/esaf-small-finance-bank-gets-133824412.html|access-date=2021-03-24|website=in.finance.yahoo.com|language=en-IN}}</ref>


==Gallery==
==Gallery==
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File:Pinarayi Vijayan inaugurating ESAF Small Finance Bank at Thrissur.jpg|Pinarayi Vijayan inaugurating ESAF Small Finance Bank at Thrissur in March, 2017
File:Pinarayi Vijayan inaugurating ESAF Small Finance Bank at Thrissur.jpg|Pinarayi Vijayan inaugurating ESAF Small Finance Bank at Thrissur in March, 2017
File:K. Paul Thomas, MD & CEO, ESAF Bank.jpg|K. Paul Thomas, Founder of ESAF, MD & CEO of ESAF Small Finance Bank
File:K. Paul Thomas, MD & CEO, ESAF Bank.jpg|K. Paul Thomas, Founder of ESAF, MD & CEO of ESAF Small Finance Bank
File:Registered & Corporate office of ESAF Small Finance Bank.jpg|alt=Registered & Corporate office|Registered & Corporate office of ESAF Small Finance Bank at [[Mannuthy]], Thrissur
</gallery>
</gallery>
==See also==
==See also==
 
{{Portal|Banks}}
* [[Banking in India]]
* [[Banking in India]]
* [[List of banks in India]]
* [[List of banks in India]]
* [[Reserve Bank of India]]
* [[Small finance bank]]
* [[Indian Financial System Code]]
* [[Indian Financial System Code]]
* [[List of largest banks]]
* [[List of companies of India]]
* [[Make in India]]


==References==
==References==
{{reflist}}
{{reflist}}


{{Banking in India}}
{{Financial services in India}}


{{Banking in India}}{{Financial services in India}}
{{DEFAULTSORT:ESAF, Small Finance Bank}}
{{DEFAULTSORT:ESAF Microfinance}}
[[Category:Microfinance companies of India]]
[[Category:Microfinance companies of India]]
[[Category:Small finance banks]]
[[Category:Small finance banks]]
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[[Category:Private sector banks in India]]
[[Category:Private sector banks in India]]
[[Category:1992 establishments in Kerala]]
[[Category:1992 establishments in Kerala]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]

Latest revision as of 14:06, 4 March 2026


ESAF Small Finance Bank
Formerly
ESAF Microfinance and Investments Pvt. Ltd.
Traded as
IndustryBanking
Founded10 March 2017; 9 years ago (2017-03-10)
HeadquartersMannuthy, Thrissur (Registered & Corporate Office)
Number of locations
788 branches (2025)
Area served
India
Key people
RevenueIncrease ₹3,141 crore (US$440 million) (FY23)[1]
Increase ₹893 crore (US$130 million) (FY23)[1]
Increase ₹302 crore (US$42 million) (FY23)[1]
Number of employees
4,100 (2022)
Websitewww.esaf.bank.in

ESAF Small Finance Bank (formerly known as ESAF Microfinance and Investments) is an Indian small finance bank headquartered in Thrissur, Kerala, providing banking services and small loans to the underbanked. Having started its operations as an NGO in 1992 under the name of Evangelical Social Action Forum, ESAF Microfinance was a non-banking finance company and microfinance institution (NBFC-MFI), licensed by the Reserve Bank of India (RBI). It became a small finance bank in March 2017 and started operating in January 2018.[2]

History and operations[edit | edit source]

On 11 March 1992, K. Paul Thomas,[3] along with Mereena Paul and a few friends, started ESAF in a small house in Mannuthy named Little.[4] Jacob Samuel, one of the co-founders, coined the name ESAF, which is an acronym for Evangelical Social Action Forum. At inception, ESAF had five life members, seven annual members and eight honorary members. ESAF society was registered under the Travancore Cochin Literary, Scientific and Charitable Societies Registration Act. The initial president was Itty Mathew; J. Danabai was the vice president, Thomas was the secretary, supported by Samuel as joint secretary and Arun Ramakrishnan as treasurer.[5]

ESAF started providing interest free loans in 1995 as one of the first microfinance institutions in the country and the first microfinance company in Kerala. It became ESAF Small Finance Bank after receiving the first banking license in Kerala since independence.[6][7][8]

On 17 March 2017, Pinarayi Vijayan, the Chief Minister of Kerala officially inaugurated ESAF Small Finance Bank at Thrissur, Kerala. By August 2017, the bank had 3,750 employees, 284 branches, and a presence in 11 states.[4]

In March 2018, a year after its launch, the bank had expanded to 4,000 employees and 400 branches, with ₹2,200 crore (US$312 million) in deposits and ₹4,200 crore (US$596 million) in loans.[9][10]

ESAF Small Finance Bank received RBI approval to operate as scheduled bank in December 2018, making it the fifth scheduled bank from Kerala. This will reduce the bank's cost of funds, while increasing the bank's ability and obligation to provide services.[11] The bank's net profit increased to ₹190.39 crore in the 2019-2020 financial year from ₹90.28 crore the previous year.[12][13]

On 26 March 2020, the bank received approval from SEBI for issuing its ₹976 crore initial public offering.[14]

Gallery[edit | edit source]

  • Pinarayi Vijayan inaugurating ESAF Small Finance Bank at Thrissur in March, 2017
    Pinarayi Vijayan inaugurating ESAF Small Finance Bank at Thrissur in March, 2017
  • K. Paul Thomas, Founder of ESAF, MD & CEO of ESAF Small Finance Bank
    K. Paul Thomas, Founder of ESAF, MD & CEO of ESAF Small Finance Bank

See also[edit | edit source]

References[edit | edit source]

  1. ↑ 1.0 1.1 1.2 "ESAF Bank net profit soars 452% in FY23". BusinessLine. 11 May 2023. Retrieved 31 October 2023.
  2. ↑ sundarajan, Priya (17 March 2017). "ESAF Small Finance Bank launched". BusinessLine. Retrieved 31 March 2024.
  3. ↑ "ESAF to graduate into a bank soon". OnManorama. 18 September 2015. Retrieved 18 March 2018.
  4. ↑ 4.0 4.1 "ESAF SFB fulfils banking dreams of common man". passlinebusinessmagazine.in. 4 August 2017. Archived from the original on 16 June 2018. Retrieved 18 March 2018.
  5. ↑ "History at a glance". ESAF India. Retrieved 20 March 2018.
  6. ↑ "RBI issues Small Finance Bank license to ESAFurl". Business Standard. 18 November 2016. Retrieved 17 December 2016.
  7. ↑ "ESAF ties up with FIS for micro finance bank". Economic Times. 24 November 2016. Retrieved 17 December 2016.
  8. ↑ "The small finance bank will be profitable within first year of operations: K Paul Thomas". Business Standard. 16 June 2016. Retrieved 17 December 2016.
  9. ↑ "ESAF Crosses Rs.2300 Crore Retail Deposit in the first year - India Education Diary". India Education Diary. 12 March 2018. Retrieved 20 March 2018.
  10. ↑ "ESAF Bank to celebrate first anniversary". The Hindu. 11 March 2018. Retrieved 20 March 2018.
  11. ↑ "With RBI nod, ESAF is now scheduled bank". The Hindu BusinessLine. 28 December 2018. Retrieved 9 January 2019.
  12. ↑ "ESAF Small Finance Bank Q4 profit up over 3-fold". The Economic Times. 13 May 2019. Retrieved 16 November 2019.
  13. ↑ "ESAF". www.esafbank.com. Retrieved 3 November 2020.
  14. ↑ "ESAF Small Finance Bank gets Sebi nod for IPO". in.finance.yahoo.com. Retrieved 24 March 2021.
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