Kochi, Mar 7 (PTI) ESAF Microfinance, the only company from Kerala to receive the Small Finance Bank license, has issued Commercial Papers worth Rs 330 crore to meet the short-term funding needs. Also Read - Good News! India's Oldest Covid-19 Survivor, Wife Discharged in Kerala

“The papers are rated A1 by CARE ratings. The subscribers to the CP are major private sector banks and NBFCs,” a release said here today. Also Read - Speaking in Fluent Bengali, Shashi Tharoor Requests Migrant Workers to Remain In Kerala | Watch

ESAF Microfinance Chairman and Managing Director K Paul Thomas said the proceeds will be used to have a positive impact on the short term funding needs of the organisation. Also Read - No Door Delivery of Liquor in Kerala: High Court Stays Govt Decision

He added that this was another example of thought leadership role played by ESAF.

ESAF Small Finance Bank will be opened on March 17.

The biggest advantage of becoming a bank, according to Thomas, is that ESAF can offer value-based banking with a difference.

“The bank will give loans for farming, small businesses, housing and education. It will also have a spectrum of deposit options for all customers including non-resident Indians (NRIs),” the release said.

The company hopes to start the banking operations with a network of around 85 branches and 300 plus customer touch points in the first year.

ESAF Microfinance has a network of around 285 branches spread across 11 states in the country.

This is published unedited from the PTI feed.