KOCHI: Thrissur-based Evangelical Social Action Forum (ESAF) which is all set to commence microfinance operations on March 17 targets Rs 20,000 crore business by 2020.
“The bank will focus on Micro banking, MSME financing, home and agriculture loans. We want to increase our customer base from 13 lakh now to one crore in five years. Women will be the primary target for the micro banking segment as we will offer pension, insurance and recurring deposits to them,” K Paul Thomas, founder and executive director of ESAF Microfinance, told Express.
ESAF has raised Rs 330 crore by issuing commercial papers. This amount will be utilised for the operations of the new bank. Another round of funding will take place after six months and the amount has not been finalised, he added.
ESAF Microfinance, which is among the ten financial services firms selected by RBI for setting up small finance banks, currently has a network of 285 branches spread over 11 states. Of this 104 branches are in Kerala. The bank aims to expand its total number of branches to 500 and appoint over 10,000 banking correspondants by 2022.