ESAF Small Finance Bank Limited has commenced operations as a small finance bank with effect from March 10, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.
ESAF Microfinance and Investments Private Limited, Chennai was one of the ten applicants which were issued in-principle approval for setting up a small finance bank, as announced in the press release on September 16, 2015.
Press Release: 2016-2017/2422
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