We are planning an IPO in 2020: K. Paul Thomas
The journey of ESAF began in a small house named ‘Little’ at Thrissur in 1992. The increased focus was on microfinance and is spread across ten states in India covering Kerala, Tamil Nadu, Karnataka, Maharashtra, Chattisgarh, Madhya Pradesh, Bihar, West Bengal, Pondicherry and Jharkhand. The company received an in-principle approval from the RBI in Oct 2015 for setting up a Small Finance Bank and this was launched in March this year.
Newsbarons provides you the highlights of a media interaction, where K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank informs, “We are planning to open 145 new branches by March 2018.”
NB: How many new branches are you planning to open?
K. Paul Thomas: We will be opening our first branch in the metro city of Mumbai in November this year. The banking outlet at Mumbai will be the 60th outlet opened by ESAF since it started operations in March this year.
With an aim to build a pan India presence and have strong plans to open 145 new banking outlets by March next year.
NB: Brief us about your new banking outlets including retail banking outlets?
K. Paul Thomas: Currently ESAF Small Finance Bank has 370 banking outlets including the 60 new retail banking outlets covering 10 states in India. In the coming months, we are planning to open additional outlets in the states where we already have a presence. We will be soon expanding to the North East as well.
NB: What are your fund raising plans?
K. Paul Thomas: We have tied up with NABARD for refinancing.
NB: What is your deposit target by fiscal end?
K. Paul Thomas: The bank has crossed INR 1000 crore deposit within seven months of its operations. It hopes to garner a total of INR 2500 crore deposit by the end of this fiscal.
NB: What are the major features offered by ESAF Small Finance Bank?
K. Paul Thomas: The bank offers a host of modern banking services like ATMs, Debit Card, Safe Deposit Lockers, Internet banking, mobile banking, SMS banking, RTGS, NEFT and CTS etc. The door step delivery services, SKYPE facility at branches and Hrudaya Deposit Scheme are some of the exclusive features offered by ESAF Small Finance Bank.
NB: What are your IPO plans?
K. Paul Thomas: We are planning an IPO in 2020.
NB: Which are the major areas the bank is focusing on?
K. Paul Thomas: The bank has begin expanding into other areas, including gold loans and SME loans, with a limit of Rs 10 lakh per loan.