ESAF Small Finance Bank Hailed For Financial-inclusion Initiatives

Kerala Education Minister C Raveendranath has lauded the role played by ESAF Small Finance Bank in taking the message of financial inclusion to the length and breadth of the country. He thanked the bank for economically empowering a vast section of the society, especially women, with formal credit, helping them start a new life of financial independence.

He was inaugurating the 27th annual day celebrations of ESAF, and the second annual day celebrations of ESAF Small Finance Bank.

In a short span of time, ESAF Small Finance Bank has made a mark in the field of social banking, and has shown how popular banking should be carried out. The backbone of any economy is the purchasing power of the people. A healthy economy is a prerequisite for a healthy banking system, he added.

As part of the annual day celebrations, ESAF Bank inaugurated 79 branches across various States, taking the total retail branch count to 222. Schemes such as houses for those affected by the recent floods in Kerala and Resilient Community Insurance scheme to cover natural disasters were launched during the function.

K Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank, said the bank’s NPA level is one of the lowest in the industry. Though most of the people availing loans from the bank are from the economically weaker sections of society, they have diligently made repayments despite odds such as floods and other unforeseen events.