Introduction to ESAF Bank Full Form: ESAF Small Finance Bank (ESAF SFB) has emerged as a pivotal player in India’s financial landscape, transitioning from its roots to the Evangelical Social Action Forum. This journey showcases a remarkable evolution from an NGO to a Small Finance Bank, reflecting a commitment to financial inclusion and empowerment. In this comprehensive exploration, we delve into the meaning behind ESAF, its historical context, and its current role as a Small Finance Bank, considering its diverse impact on various linguistic communities in India.
Overview and full form of ESAF Bank:
ESAF Small Finance Bank operates with a mission to broaden the scope of banking services to diverse segments, particularly in unbanked and underbanked areas. The bank’s footprint extends across urban, semi-urban, and rural regions, ensuring accessibility to financial services in multiple Indian languages. The table below provides an overview of ESAF’s presence in English, Hindi, and Tamil:
|ESAF Bank Full Form
|Evangelical Social Action Forum
|इवेंजेलिकल सोशल एक्शन फोरम
|சுவிசேஷ சமூக நடவடிக்கை மன்றம் (எஸாஃபு சிறிய நிதி வங்கி)
This multilingual approach underscores ESAF’s commitment to reaching diverse linguistic communities, fostering financial inclusion across language barriers.
What is ESAF?
ESAF, founded in 1992, began as an NGO inspired by Grameen Bank’s success. Initiated by Shri. K. Paul Thomas, it evolved into ESAF Small Finance Bank in 2017. Committed to “Fighting the Partiality of Prosperity,” ESAF empowers individuals at the economic base, embodying financial inclusion and holistic development.
- 1992: ESAF’s journey begins as an NGO, influenced by Grameen Bank’s success in Bangladesh.
- 1995: Founder Shri. K. Paul Thomas initiates Micro Enterprises Development (MED) services, laying the foundation for financial empowerment.
- 2008: ESAF Microfinance and Investments Pvt. Ltd. is established, underlining the integral role of financial elements in holistic economic development.
- October 2015: A transformative moment with the Reserve Bank of India granting an in-principle license for the evolution into a Small Finance Bank.
- November 2016: Operating under the provisions of the RBI’s final license, ESAF Small Finance Bank is officially approved.
- March 10, 2017: ESAF Small Finance Bank commences operations, embodying the vision of “Fighting the Partiality of Prosperity.”
- Mission: ESAF’s core focus is on empowering individuals at the base of the economic pyramid.
This transformative journey reflects ESAF’s commitment to evolving from an NGO to a dynamic Small Finance Bank, strategically expanding its impact on economic development.
Functions And Features
|Integration of customer-centric approach with contemporary retail banking technology
|Growth Over Past Three Years
|Significant expansion, employing over 4100 people as of March 2022
|Commitment to Expansion
|Focus on reaching unbanked areas, ensuring accessibility of financial services
|Emphasis on Empowering the Impoverished
|Catalyst for positive change, particularly empowering women
|Impact on Economic Development in Grassroots
|Fostering financial responsibility in rural and unbanked/underbanked areas
ESAF’s Growth and Impact (as of March 2022):
|Number of Customers
|March 10, 2017
The table encapsulates key metrics, showcasing ESAF’s substantial customer base, its role as an employer, and the duration of its operational presence. These figures attest to the bank’s tangible impact on both individuals and the broader economy.
Conclusion: ESAF Bank Full Form
In conclusion, ESAF Small Finance Bank’s journey from an NGO to a dynamic financial institution is a testament to its commitment to financial inclusion. Through linguistic diversity, strategic growth, and empowerment initiatives, ESAF continues to redefine the landscape of banking in India, ensuring that its services resonate with the diverse needs of the nation.
FAQs: ESAF Bank Full Form
ESAF stands for Evangelical Social Action Forum.
No, ESAF started as an NGO in 1992 and later transformed into a Small Finance Bank.
ESAF Small Finance Bank commenced operations on March 10, 2017.
As of March 2022, ESAF Small Finance Bank employs over 4100 people.
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