ESAF Small Finance Bank opens new branch in Coimbatore

ESAF Small Finance Bank

ESAF Small Finance Bank, the first bank from Kerala to get a banking license since independence is expanding its operations in Tamil Nadu by opening its 4th branch in Coimbatore – Trichy road.

The branch was inaugurated by K ILANGO, Managing Director Ilango Foundation & Rangammal Steels. Sri. K. Paul Thomas, MD & CEO, ESAF Small Finance Bank presided. CA G.Karthikeyan, Managing Director of GK Management and President of TiE, Coimbatore inaugurated the ATM Counter. The Safe Deposit Locker and Cash Counter were inaugurated by P. K. Jaganathan, Chairman of Fashion Point group and Vengadesh CR Managing Director of Teknoturf, respectively. K Swaminathan, Head-Retail Liability, ESAF Small Finance Bank, Philomena Louis Raj, Director, ESAF Co-operative, and P. Syamdas, Branch Manager spoke.

Speaking in his presidential address, Mr. K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank said “With an aim to build a pan India presence, ESAF Small Finance bank will have a total of 100 branches by March this year. So far, the bank has crossed 6000 Cr. total business. Better services offered for fixed and savings deposits, ‘No Service Charges’ and ‘No Minimum Balance’ facilities on selected products are the reasons for such an encouraging response from investors. At the end of this financial year ESAF SFB is expected to get a cumulative business of 9,000 Cr.”

Currently, ESAF Small Finance Bank has 388 banking outlets including the 79 new retail banking outlets covering 10 states in India. In the coming months, the bank plans to open more number of outlets in the states where we already have presence and will be soon expanding to the North East as well. Along with that 6000 financial literacy programs will be implemented in various states.

The bank offers a host of modern banking services like ATMs, Debit Card, Safe Deposit Lockers, Internet banking, mobile banking, SMS banking, RTGS, NEFT, CTS etc. The Bank also obtained in principle permission from RBI as Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). The door step delivery services, SKYPE facility at branches and Hrudaya Deposit Scheme are some of the exclusive features offered by ESAF Small Finance Bank.

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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.