Kerala gets first private bank: ESAF Small Finance Bank

Chief Minister Pinarayi Vijayan launched ESAF (Evangelical Social Action Forum) Small Finance Bank, Kerala’s first private sector bank since the country’s Independence, in Thrissur, Kerala.

The bank, promoted by ESAF Microfinance and Investments (P) Ltd. is planning to open 85 branches in the 2017, of which RBI approval has been obtained for opening 15 branches on the inaugural day.

R Prabha, former Chairman, Kerala Grameen Bank, is the Chairman of ESAF Small Finance Bank. The bank will launch a new social deposit scheme ‘Hridaya Deposits’ for High Net Worth Individual (HNI) and Non-resident Indian (NRI) customers.

Takeaways from above news:

  • Headquarter of ESAF is in Thrissur, Kerala
  • Chairperson of ESAF Small Finance Bank is R Prabha
  • CM of Kerala is Mr. Pinarayi Vijayan
  • Full form of ESAF is Evangelical Social Action Forum
Source- The Indian Express

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