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ESAF Small Finance Bank launched

Press Trust of India 

ESAF Small Bank, state's first private sector in micro financing, was launched by Chief Minister here today.

The bank, promoted by ESAF Microfinance and (P) Ltd plans to open 85 branches in the first year, of which RBI approval has been obtained for opening 15 branches on the inaugural day, a release said.

alao launched ATM cum Debit cards, website and channels.

It is also planning to open branches in the metropolitan cities like Bangalore, Kolkata, Mumbai, and in the first year.

"ESAF Microfinance, which presently has a network of 285 branches in 93 districts spread over 11 states, will currently convert all its existing branches into customer service centers or ultra-small branches or satellite offices," said K Paul Thomas, Managing Director and CEO, ESAF Small

ESAF, which has own fund of over Rs 300 crore, recently raised another Rs 330 crore through the issue of commercial papers. The bank is targeting a business of Rs 20,000 crores by 2020, R Prabha, Chairman of ESAF Small Bank said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 17 2017. 19:43 IST