RBI upgrades Esaf Small Finance Bank as scheduled bank

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26 Aug, 2025 12:21

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The Thrissur, Kerala-based Esaf Small Finance Bank has received the Reserve Bank approval to operate as scheduled bank.

This makes Esaf the fifth scheduled bank from Kerala after Federal Bank, South Indian Bank, Catholic Syrian Bank, and Dhanlaxmi Bank.

Esaf MFI was one among the 10 applicants to receive approval from RBI to start banking operations in 2016 as a small finance bank.

The upgrade will give the bank more legroom and regulatory support to boost its business and gain greater trust from stakeholders and customers, managing director and chief executive K Paul Thomas, said in a statement Friday.

The small finance banks started banking operations in 2016 before which it was operating as a shadow-banking entity. Esaf Small Finance Bank has a network of 432 outlets across 13 states with 2.6 million customers and a loan book of Rs 4,660 crore and deposits if over Rs 3,300 crore.