ESAF provides micro, retail and corporate banking, para-banking activities like debit cards, and third-party financial distribution, in addition to Treasury and permitted foreign exchange business. ESAF commenced their business in March 2017 and was included in the second schedule to the RBI Act in November 2018.
The lender predominantly focuses on unbanked and underbanked segments, especially in rural and semi-urban centers. As of June, 63% of their gross advances and 71.7% of their branches were dedicated to customers from these centres.
The bank’s assets under management have nearly doubled between March 2021 and 2023 and stand at Rs 17,204 crore as of the first quarter.
The lender has 700 banking outlets and 767 customer service centres across 21 states and 2 union territories, with 62% of their banking outlets being in southern India.