Kerala based ESAF Small Finance Bank received approval for NRI operations on Monday from the Reserve Bank of India (RBI). The Thrissur headquartered bank said in a statement that small finance banks who are authorised as dealer category II, have the permission to open and maintain non-resident rupee (NRE) accounts.
The services provided will include NRE savings account, term deposits and buying and selling of foreign exchange.
ESAF was one of the ten entities that were given permission to convert into small finance banks in 2015. It was earlier a non-banking finance company and microfinance institution (NBFC-MFI). On May 5, 2016, ESAF small finance bank was incorporated.
The bank has expanded to 4,000 employees in 400 branches spread in over 11 states with Rs 2,200 crore in deposits and Rs 4,200 crore in loans as of March 2018.