ESAF Small Finance Bank Ltd

ESAF Small Finance Bank Limited was incorporated on May 5, 2016 at Thrissur, Kerala, as a Public Limited Company with the RoC. The Bank received license to carry on business as a SFB from the Reserve Bank of India on November 18, 2016 and commenced their banking operations from 10 March 2017. As per RBI Approval, the Bank became a Schedule Bank w.e.f. November 12, 2018. The Bank is one of the leading small finance banks in India which provides micro, retail and corporate banking, para banking activities, such as debit card, third party financial product distribution, in addition to Treasury and permitted Foreign Exchange Business. The Bank offer online banking services, including electronic funds transfer, bill payment services, usage of credit cards on-line, requesting account statements, and requesting cheque books. The asset products comprise micro loans, retail loans, loans to micro, small and medium enterprises (MSMEs), loans to financial institutions, corporate loans and agricultural loans. The history of Bank dates back to 1992, when Kadambelil Paul Thomas, the Managing Director, founded ESAF Society, a society focused on the development of micro-enterprises, community development, and community health development. ESAF Society started lending its micro loan activities in Kerala in 1995. In 2006, K. Paul Thomas along with others acquired Corporate Promoter. Thereafter, ESAF Society transferred its micro loan business undertaking to our Corporate Promoter in 2008 pursuant to a business transfer agreement dated March 31, 2008. On March 10, 2017, the Bank acquired the business of its Corporate Promoter and consequently, the Corporate Promoter transferred its business undertaking comprising of its lending and financing business to Bank through a Business Transfer Agreement on February 22, 2017. On 17 March 2017, the Bank commenced its business as an SFB at Thrissur, Kerala. Prior to Fiscal 2018, all of the loans were micro loans. Since then, it introduced retail advances, MSME and corporate advances and agricultural advances. In Fiscal 2020, it began offering platinum debit cards. As at March 31, 2021, Bank had 550 Branches, 12 Business Correspondents (BCs), 158 banking agents and 327 ATMs in 21 states and 2 union territories. Their Ultra-Small Branches were the erstwhile micro loan branches from when the business was owned by Corporate Promoter. They catered primarily to micro loan customers. As per the RBI's guidelines, all their Ultra -Small Branches were converted to Branches or merged with a Branch before March 10, 2020. In 2023, the Bank was authorized to deal in foreign exchange by the RBI by virtue of the Authorized Dealer - Category I license issued by the RBI. As at March 31, 2023, Bank operates 700 Branches, 20 Business Correspondents (BCs), 2,023 banking agents and 528 ATMs in 21 states and 2 union territories. 125 branches were opened in 2023. In November 2023, the Company raised funds from public through IPO by issuing 77,356,059 Equity Shares aggregating upto Rs 463 Crore, consisting 65,306,060 equity shares aggregating to Rs 390.7 Crore through Fresh Issue and 12,049,999 equity shares aggregating to Rs 72.3 Crore through Offer for Sale. As at March 31, 2024, Bank operates 753 Branches, 35 Business Correspondents (BCs), 5024 banking agents and 614 ATMs in 25 states and 2 union territories. As at March 31, 2025, Bank operates 787 Branches, 35 Business Correspondents (BCs), 4,405 banking agents and 693 ATMs in 24 states and 2 union territories. Company launched the INORI Premium Credit Card in Mumbai in FY25. During the year 2025, 34 new branches were opened, of which 2 outlets were established in Unbanked Rural Centres (URCs).