- ESAF Small Finance Bank, Kerala’s first private sector in micro financing, was launched by Chief Minister Pinarayi Vijayan.
- The bank, promoted by ESAF Microfinance and Investments (P) Ltd plans to open 85 branches in the first year, of which RBI approval has been obtained for opening 15 branches on the inaugural day.
- Bank also launched ATM cum Debit cards, website and digital banking channels.
- ESAF, which has own fund of over Rs 300 crore, recently raised another Rs 330 crore through the issue of commercial papers. The bank is targeting a business of Rs 20,000 crores by 2020.
Quick Question for Bank PO/ IBPS Exams 2016-17:
What is the name of Kerala’s first private sector bank in micro financing, which was launched by Chief Minister Pinarayi Vijayan?
- ESAF Small Finance Bank.