In 2015, the Reserve Bank of India had granted in-principle licences to 10 Non-Banking Financial Companies to set up Small Finance Banks in the country.
ESAF was the only one in Kerala in the private sector post-independence. It opened for business on March 17 last year.
"Though we originally planned to set up 145 branches, we could set up only 100 across India in the first year. In two months, we will set up 45 more branches. In terms of business, we have exceeded our target of Rs 1,800 crore and close with a figure of Rs 2,500 crore by month-end. Five years from now, we aim to reach 700-branch target and expect total business of around Rs 70,000 crore," said bank MD and CEO K. Paul Thomas.
Thomas said his bank wasn't affected by the demonetisation announced by Prime Minister Narendra Modi on November 8, 2016.
As for nine other NBFCs granted licences to operate, he said they are largely based in Kerala and have been able to do better in terms of deposits.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
