ESAF Microfinance, which had received, in-principle approval to start a small finance bank, has applied for the final license which is expected any time soon, a top company official said.
In SEPTEMBER last year, RBI has given licenses to 10 entities to start small finance bank. These entities have to start operations within 18months.
"One we get the final nod, we will start operations in the next 60 days," said AG Varughese, executive vice president, ESAF MFI.
One of the 10 licensees, Jalandhar based Capital Small Finance Bank has started operations. Another entity that has received a final license is Equitas Holdings.
It will start banking operations with 10 branches which 'll be ramped up to 85 by March 2017 and 150 within one years of operations, Mr Varughese said.
The Thrissur headquartered lender has a loan book of Rs 2200 crore and is present in 10 states in southern, eastern and central India.
K Paul Thomas, who is the chairman of the ESAF group, will be the bank's MD & CEO
