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Experience Of Banking
ESAF Small Finance Bank (ESAF SFB) the new age social bank continues to redefine the banking experience to all the stakeholders. We primarily focus on expanding the banking horizon to new unbanked/underbanked area, yet we stand as a bank for all with presence in urban, semi urban, rural and rural unbanked areas.
ESAF started it’s journey as an NGO during the year 1992, with a larger vision of sustainable and holistic transformation of the poor and the marginalized. The success of Grameen Bank in Bangladesh reinforced the vision of Shri. K. Paul Thomas the Founder of ESAF. In 1995, he launched Micro Enterprises Development (MED) services and it resulted in the formation of ESAF Microfinance and Investments Pvt. Ltd., in 2008, giving importance of financial component in holistic economic development of the poor and marginalized. ESAF Microfinance and Investments Pvt. Ltd. was one of the pioneers in establishing a formal and structured form of lending through forming mutually trusted groups at the village level that could not only bring financial sustainability but also reinforced the fact that ‘the poor of our country are trustworthy’. In the remote and unbanked/under banked regions of the country, ESAF could cultivate a culture of financial discipline and also improved the workers participation rate as women too joined the workforce or started some income generation activity that could financially support their household. Financial literacy mission started by ESAF could not only bring know-how on how to spend wisely but also secure the future. ESAF has adopted a unique social business strategy, with a triple bottom line approach, emphasizing on People, Planet and Prosperity. The following are some of the highlights:
· For every rupee invested in ESAF, studies by international agencies revealed that the Social Return on Investment stood at Rs. 3.19.
· Some of the other changes brought about by ESAF are women’s access to employment, contribution to household income, access to and control over household resources, participation in household financial decision-making etc.
· ESAF could also gather a carbon offset of 20 million tones in the international market.
Birth Of ESAF Small Finance Bank
After evaluating the contributions and significance of ESAF in the development of rural and unreached segments of the nation, the Reserve Bank of India has been kind enough to issue an in-principle license to ESAF Microfinance and Investments Pvt. Ltd. to set up a new Small Finance Bank during October, 2015. After complying with the licensing conditions prescribed by the Reserve Bank of India and in terms of the RBI’s final license in November 2016, ESAF Small Finance Bank started the commencement of business on 10th March 2017.
ESAF Small Finance Bank is forging ahead with an objective of “Fighting the Partiality of Prosperity” through strengthening the people at the bottom of the pyramid with a customer base of 3.3 million. The business model of the Organization combined the unique methodology of selecting and servicing customers at the front end with technology, processes and disciplines of modern retail banking at the back end. We have had an excellent growth and consolidation phase in the past few years. As on 31st May 2019, we have almost 2500 employees.
What is IFSC Code
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
How to find IFSC Code?
Ways to find IFSC codes
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.
Benefits of IFSC Code
Benefits of IFSC Code are :
- Helps to identify a Bank and its respective branch
- Eliminates errors in the process of fund transfer
- Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate
What is MICR Code
MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.
Difference between IFSC and MICR code
ink character recognition code (MICR) is a technology that enables faster
processing of cheques by recognizing unique characters printed on the cheque.
MICR consists of a 9 digit code. The
first three digits of the MICR code represent the city, the next three give the
bank code and the last three digits denote the branch of the bank. Similar to
an IFSC code, every branch of a bank has a specific MICR code. While IFSC is
used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR