Kerala’s newest bank – ESAF Small Finance Bank – has ambitious plans to bring the joy of banking to the lives of poor and marginalized people.
ESAF started off as a charitable society some 25 years ago by the Thrissur-based Evangelical Social Action Forum’s (ESAFs) Microfinance & Investments, mainly to assist agro-based operations in and around the then town. It was the only one in Kerala, from among 72 applicants from across India, including 4 from Kerala, to receive the in-principle approval from the Reserve Ban k of India for a small finance bank. While 10 banks have received the final license from RBI for setting up small finance banks, EASF SFB is the sixth to commence operations.
CASHLESS FROM DAY 1
A big challenge for ESAF is how a small finance bank would help in bringing about an increased usage of digital and cashless transactions in rural areas, where it is set to operate. Says K. Paul Thomas, MD & CEO of ESAF Small Finance Bank: “The bank has adopted a hybrid variety of technology whereby ‘assisted digital transactions’ would take place for some time. Under this, there would be a tab for account opening, collections, etc. All these would be paperless transactions which would greatly assist the government’s efforts to transform the economy into a cashless one.”
Besides, the bank would be going in for all the latest technology-driven services such as ATMs, mobile and internet banking, etc, right from day one.
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