The new age social bank ESAF Bank (Evangelical Social Action Forum Bank) has opened its 500th branch on Thursday 26 December 2020. They have more than 238 retail banking outlets, 198 Ultra Small Branches, and 208 ATMs spread across the 19 states and about 113 districts of the country, covering the regions of Kerala, Tamil Nadu, Karnataka, Maharashtra, Bihar, etc. The new branch is established at Ahmedabad in Gujarat.
K Paul Thomas, Managing Director, and CEO of ESAF Bank stated that they believe that the expansion is a manifestation of their vision which is to become India’s leading social bank. They aim at providing equal opportunity for the whole society through universal access. With the support of robust growth and confidence that the customers have in them, ESAF Small Finance Bank aims at expanding their footprints further even during the pandemic they were able to expand their business.
They offer services to more than 40 lakh customers spreading across 19 states and 2 union territories through their banking outlets. The bank offers various products such as fixed and recurring deposit schemes with attractive interest rates. They provide affordable gold loans and loans with low-interest rates for both small and micro-entrepreneurs and individuals.
Currently, they have floated their initial public offering in the last quarter of the financial year 2020. The Managing Director and CEO of ESAF Bank stated that the bank is gaining its momentum back and is planning to move ahead with their Initial Public Offering by March.
ESAF Bank aims at redefining the banking experience for all stakeholders. Their primary focus is on expanding the bank horizon to new unbanked or underbanked areas. ESAF set its journey in 1992 with a vision of the sustainable and holistic transformation of the poor and marginalized. They continue to stand as a bank for all with a presence in urban, semi-urban, rural, and rural unbanked areas.