Full form of ESAF, What Does ESAF Stand For?

A full form of ESAF is the “Evangelical Social Action Forum.”

What is ESAF?

The new generation social bank, ESAF Small Finance Bank (ESAF SFB), keeps reinventing the banking experience. Although they stand as a bank for all with a presence in urban, semi-urban, and rural areas. They are also in rural unbanked areas, and their primary focus is expanding the banking horizon to new unbanked areas. In 1992, ESAF began its journey as an NGO with a bigger aim of sustainability. The success of Grameen Bank in Bangladesh confirmed the goals of ESAF's founder, Shri. K. Paul Thomas. He began offering Micro Enterprises Development (MED) services in 1995. As a result, ESAF Microfinance and Investments Pvt. Ltd. was created in 2008. They emphasize the significance of the financial element in the comprehensive economic development. It also emphasized that "their country's impoverished are trustworthy." As more women entered the workforce or began to engage in income-generating activities. That could help them support their families. ESAF was able to foster a culture of financial responsibility in the nation's rural and unbanked/underbanked areas.

ESAF Small Finance Banks Birth.

The Reserve Bank of India was kind enough to grant ESAF Microfinance and Investments Pvt. Ltd. RBI provided an in-principle license to establish a new Small Finance Bank in October 2015. RBI provided it after considering the contributions and relevance of ESAF in developing rural and underserved areas of the country. After meeting the Reserve Bank of India's licensing requirements and operating under the provisions of the RBI's final license, issued in November 2016, ESAF Small Finance Bank began operations on March 10, 2017. With 5.6 million customers, ESAF Small Finance Bank is progressing toward its goal of "Fighting the Partiality of Prosperity" by empowering those at the base of the economic pyramid. The Organization's business strategy integrated the distinctive approach to customer selection and service with current retail banking technology, procedures, and disciplines at the back end. The past three years have seen tremendous growth and consolidation. As of the end of March 2022, they employed over 4100 people. [wp-faq-schema title=" Full form of ESAF FAQs" accordion=1]